Don't worry about a thermostat, not needed for a track car to be honest and even in a street car 4AGE's are pretty hard on oil so unless its a massive cooler you will be alright. Mine sits on 100c driving around and like you, gauge goes off its nut on the track. Have seen 120c+ etc
Keep the lines short as possible and use good hose, you will have a pressure drop but a few psi wont be an issue.
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