Jafro pretty much tackled everything... the VX cooler really hasn't made any difference compared to the many other hondas I've driven... I think its more of a show-off feature for the gas-sipper than a real performance (or longevity, for that matter) feature. If better engines (read: almost all honda engines) can do without it, you can too. The d15z1 and d16z6/y8 move about the same amount of oil, more or less, but I think you'd be safer going without a feature that was designed for a 92hp, 6k redlining econobox. As Jafro said, if you need cooler oil, go with an external air/oil cooler... its easy and not very pricey either. I can point you to a few write ups if you want.

(BTW, Jafro, you confused the terms vtec-e and i-vtec h: I am officially a whore.)