You can just remove it. Oil coolers are typically used when pulling heavy trailers, like big travel trailers. They use a separate radiator mounted in front of the water radiator, like an air conditioner coil or a trans cooler. Most SBCs run stone cold, so it is not a requirement except in heavy service.
Back in the day, my dad had a 1975 F-250 he used to tow a 35 foot trailer. It had a 460 engine and air conditioning, a trans cooler, an oil cooler, and a HD four-row radiator. It was kind of busy up front.