It doesn't take that long to heat up on a *stock* system...the oil does not flow through the cooler until it hits 35-40 psi. On a full flow cooler system, it's the thermostat that get the oil up to ops temp quickly as possible...better than the method the stock system uses.
You always have some flow with most thermostats, if it fails closed, your oil will not flow through the cooler at the rate to be effective. If it fails open, the cooler will get full flow, delaying the oil to get up to temp. I didn't mean for it to sound so severe...you won't lose the motor if it fails.
You want to use AN-8 line at minimum....AN-10 is a bit of over kill unless you need that much flow.
You want a 180 deg stat. What I'm going to describe requires the stock 7M-GTE oil filter head removed. The oil adapter screws directly on the block using a 7M NA oil filter stud (3/4-16)...the "out" port routes to the "in" on the dual filter head. The "out" from the filter head routes to the "in" port on the thermostat...the "out" port on the same side of the stat then routes back to the block to the "in" on the block adapter. On the other side of the stat, both lines go to the cooler...doesn't really matter which one hooks up where on the cooler. The stat should have a diagram included with it.
The way this works is the stat by-passes the cooler until the oil gets to 180 degs. The oil goes through the filter, to the stat, back to the block. Like I said, there is *some* flow through the stat, even cold. When the stat fully opens, it opens up the path to the cooler.
I would use 1/2" NPT-AN8 fittings...the cooler you linked is 3/8" NPT. Same for the filter head... 1/2" NPT-AN8 fittings. The hose in these kits is ok and uses barbed type NPT fittings, but not as good as the Aeroquip I linked to previously. You can get the cooler and filter head with 1/2" NPT if you decide to use the included hose and that will let you upgrade later when you discover the rubber hose is not that great. Just make sure you keep the hose away from hot parts of the motor...you don't want to melt a hole in it
The filter head you linked to also requires a PH8A size filter...if you decide to use a Trasko on this head, the model you want is the T 3/4-20S. The good news is this model is a bit bigger. Keep your filters same as stock...3/4-16 threads.
The Mocal thermostat will require AN-8 hose ends.