I suppose it could never hurt.
But I raced my 1500 for 7 seasons and did not bother with one. I ran the car in at least three 4-Hour enduros during that time and oil temp was not really a problem. The 1500 has a good-sized radiator. If the cooling system is in good shape, oil temps should not be an issue.
Change oil at an appropriate intervals for a street classic: at least once a year (assuming you drive less than 2000 miles per year). Check the crankshaft thrust at least once a year. And keep engine RPMs below 6000 (really, below 5500 if you can help it).
These are probably more important concerns than an oil cooler for the 1500.