I had to remove one of those B&M coolers from my vehicle because it wasn't cooling the oil. Unfortunatly, the bypass is not thermostatic, just an orfice. In my case, it seems that the hot oil was happier to go through the orfice faster, than it was to go through the cooler faster.
I replaced it with an old fashioned, and less efficient tube and fin style cooler and my trans temps dropped 20-30 deg in normal use, 40-50 in severe conditions. If I had become aware of the stacked plate coolers they make without the bypass, I would have used one of them, probably to even better results.
The fancy stacked plate cooler with the bypass is now only looking cool on a shelf.