It is suppose to work that way, but they just don't seem to do the job. IMHO you need a way to block the airflow off inflight or add an oil thermostat.
I have been toying with the idea to use this oil thermostat to a Lycoming. I have used these for years on Rotax 912 (S). They work flawlessly to maintain oil temps at 180F.
http://www.perma-cool.com/Catalog/Cat_page14.html