I wouldn't think so, much different molecule sizes, it was engineered for Freon not oil. And the original condenser is pretty much worthless, new and much more efficient parallel flow condensers are cheap.
If it doesn't cause a back pressure problem it seems like it would do some cooling, but if I felt the need for an oil cooler I would probably just get a remote filter kit or use an oil cooler off of a newer vehicle. I get several a week with the stuff I pick up at body shops.
Right now your condenser is just restricting air flow to the radiator.
Guess I was posting more as a conversation piece, but I agree with you guys that buying any type of oil cooler is the way to go....
Couple interesting factoids I picked up from researching are:
1)This has been tried for diff and trans coolers
2)It may cool too good as the flow and size are too fast and large
3)Actual oil coolers push oil to the edge of the tube to get it cooler
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