Yeah, the engine oil cooler was more like a towing or severe duty use option. No real issues deleting them, if you are not doing that kind of driving.
I rebuilt my 06 Suburban 2500 LQ4 engine in the Spring and temporarily installed a block-off plate I had laying around because my cooler lines had started seeping. Drove the truck through the summer as a daily. I bought new GM Genuine cooler lines in the Fall and will replace them soon...
Regarding the external coolers: from basic theory of thermodynamics, heat exchange rates is much better on fluids vs air. So they work, just not as good. I guess that's why modern engines are cooled with a fluids and are not air-cooled like those VW Beetles or like lawnmower engines.