Hi Simon,
I think that should work fine, provided there is enough room to fit it.
Do you have overheating problems?
Do you have added air intakes in the lower valance (TR250-6 style)? If so, another possibility is that the cooler could be mounted on the valance itself, or on brackets that position it far forward. Sort of depends on what else you have going on up front, i.e. a skid plate and how far you want to run hoses. Overall, I would have little concern if the car has added intake ducts in the valance, since increased air flow should be reaching the radiator, too.
For that matter, I've seen coolers mounted beside the radiator (stealing some of its air flow), at fender exhaust vents (pre-heated air exiting the engine compartment might give less cooling) and up front, leaned forward so that air coming up under the valance is routed through the cooler. With the last, I'd be concerned that the cooler is pretty vulnerable to any road debris that might get kicked up into it.
Mocal does recommend mounting just in front of the rad, very close to it, so that there is minimal possiblity of turbulence. They should know, since they probably make most of the oil coolers on the market. They do show an alternative with some space between the cooler and the rad, but with shrouding in between them to keep air flowing smoothly.
On the other hand, Mocal's instructions are for generic installations and don't take into account the radiator shrouding already used on TRs. If that's in place and properly fitted, I'd think there is little danger of air being directed around the radiator, no matter where the cooler is placed in the air flow.
Have you seen Revington TR's alternative to an oil cooler? They run a couple large tubes right through the sump pan, to route air through for additional cooling. There's less to go wrong with a setup like that, but to get air into the tubes there really need to be matching holes in the frame's front crossmember, there is no way to thermostatically control oil cooling and there is some reduction in the sump's oil capacity.
Cheers!
Alan Myers
San Jose, Calif.
'62 TR4 CT17602L