Yeah, but 6 runs only lasting a couple minutes at most is nothing compared to three or four 25 minute lapping sessions around a track almost always in vtec throwing the car around long sweeping turns where all the oil sloshes to one side of the motor.

The oil cooler in an ITR stock is a donut style coolant to oil cooler, ant to answer your question, not only is it close to the block, but it's actually bolted to it, and you're right, acomplishes very little.

An oil cooler is a good investment, in addition, you may want to relocate your filter while your at it, to put it in a location making it easier to change, your best bet is to call up like racer wholesale and get like a mocal oil cooler and put the kit togather your self, save a couple hundred bucks that way. It's not something you need for a street car, and it's one more thing that could go wrong, but as long as your careful, it's a worth while investment when it comes to track day.

Good luck,
Aj