HPCOBRA No GOOD for a couple of reasons. You don't have a low limit switch in the
oil pan. The temp switch you talk about comes on and either sucks the
oil pan low on a turn or airigates the
oil if sucking air and oil. You have no real control over how fast the oil returns to the oil pan. I run a 7.5 quart pan, over fill it with 1.5 quarts and have a 3 quart accusump for both preoil lubing the motor on startups and running long high "G" turns. I have run my system low and seen the gauge drop to 10psi. I now run a safety alarm. It is easy for the valve covers to fill with oil and hold alot of it in the upper end of the motor. You also need IMO alot of oil to help cool the valve springs and rockers with running of large camshafts or hydro tappet motors. A good on or off ramp from a highway could do this running low issue.
You didn't say how many gpm this oil pump will flow? You only have 7-9 quarts to play with. 2 quarts in the heads, 1 quart in the lines, pump and cooler, 1-2 quarts loss in the motor, 1-2 quarts in the oil pan itself, and you could be sucking air even with trap doors. The idea is good but the problems you could have would be an oil starved motor and at $$$$$$ to rebuild or build a motor again, you are better off with an oil thermostat housing or running the orginial setup with screens to protect the cooler. Rick L. adding another pump, what is the charging system max output on the ALT. You will need about 95A+ with another motor added.