That's Permacool's normal (designed) oil cooler sandwich which is Ralph's modality of choice to install his bypass filters. The little poppet relief valve can usually pass the entire flow.
I was sceptical at first.... until I tried it in the field with additional (very small) holes. I was SO convinced that without them there was no way that that little poppet relief could do the job.
Note the the hex head @ 12 o'clock. There's also one at 6 o'clock ..but you're looking at the back end of it. Those are the plugs that I had to tap and install to get a differential.
I had a very hard time believing it without experiencing it myself.
Before that, I challenged everyone that used one. Ralph, in his wise rhetorical manner ...merely told me that it's rare ..extremely rare ..when an additional hole needs to be drilled to restore normal flow. He was, as usual, correct.
For my differential tests, I got rid of it. Welded it shut on one of my sandwiches ..and drilled, tapped, and plugged it on the other.