Hi Bill,
First of all, 50 lbs ain't bad in a fully warmed up engine, although a little higher pressure might be nice, but 50 lbs is probably quite safe.
The oil cooler should not effect oil pressure within the engine, other than helping by keeping oil from becoming overly thin due to high temperatures.
However, you really should consider installing a thermostat. Oil coolers are rather fragile by nature and shouldn't get the high pressure on them that often occurs with cold oil at startup.
It's also possible to *overcool* oil, which will keep it from ever heating to the point where moisture and other contaminants are properly "cooked off". A thermostat will insure that oil temps are correct, not too cool or too warm. It's not a big deal to add a thermostat. In fact, if you are using a sandwich plate at the oil filter as a take-off point for the oil cooler lines, Mocal now offers one with a built-in thermostat, making for very easy installation. I recently bought one of these from
www.racerpartswholesale.com
The auxiliary line up to the rockers *could* be reducing oil pressure in the bottom end. That auxiliary feed is also sometimes marketed for 4-cylinder cars, where it is considered by many to be a serious mistake to install it because it can lead to a lot of oil burning. On the other hand, I've always heard it's a good thing on the 6-cylinder TRs, where there is a definite benefit from some extra lubrication to the valve gear.
However, if it's flowing a lot of oil away from the more critical bearings below, maybe you should think about putting a restrictor of some sort in the bypass, reducing the diameter of the feed by inserting something inside the hose, for example. Or, it might be possible to make a restrictor from brass plumbing parts bought at a local hardware store, depending upon the threads and connector sizes used.
You could test the theory pretty simply. Just temporarily removing the bypass feed line, plug the holes it's fitted to, drive the car for 20 minutes to fully warm it up and check your oil pressure readings.
Have you mentioned pressure at idle/warm, or what motor oil you are using?
I'm more knowledgeable about the 4-cylinder cars, but would guess you should get about 15-20 lbs at idle, fully warmed up.
Someone correct me if I'm wrong, but isn't 20W50 motor oil called for? (BTW, I'm not a fan of synthetic oils in these older motors, either.)
Finally, the earlier 4-cylinder cars have an adjustable pressure relief on the oil filter head, making it pretty easy to increase or decrease pressure a little. Do the 6-cylinder cars have an adjustment there, too? I think not, but it doesn't hurt to mention it.
Cheers!
Alan Myers
'62 TR4 CT17602L