The vernatherm does not completely shut off all oil flowing thru the cooler. Some amount of oil is always circulating thru the cooler. It does not work exactly like a car engine's thermostat... instead when the vernatherm expands under high heat, the tapered end seals off a port that is really an oil cooler bypass passageway, thus forcing the oil to flow thru the cooler's plumbing instead of thru the bypass.
With an IO-360 engine, some sort of airflow control device on the cooler will generally be effective in helping get the oil temps up sufficiently on a cold winter day.
On my carbureted O-320, however, even with both front and rear of the oil cooler blocked off with plates, on a cold winter day I cannot get the oil temps up to 180.
On my friend's RV-8 with ECI Titan IO-360 we had issues at both ends of the temperature spectrum. On hot days we had trouble keeping the oil temps down enough, and ended up having to put a large expensive cooler on... and we still have high oil temps on the hottest days. On cold winter days, we couldn't get the oil temps up enough, so I conjured up an electric servo-operated door to open and close off the airflow on the back side of the cooler and a rocker switch under the instrument panel to adjust how much it's opened of closed. During summer, we remove the door completely to ensure no hindrance of airflow thru the cooler and re-install the door for winter flying... a simple piano hinge wire and one cotter pin on a clevis arm is all it takes to install/remove the door. Pics of this Rube Goldberg contraption can be seen here:
http://imageshack.us/g/691/img4686k.jpg/