In my past experience with an IO-360 on an RV-8 (the plane in my avatar) and that of friend who put an IO-360 in his RV-7 and other Vans Air Force folks who had difficulty with high oil temperatures in RV-7s and -8s over the past couple years with IO-360 engines (the parallel valve versions, the angle-valve 200hp IO-360 absolutely needs a huge oil cooler, usually the giant 13-row unit that is normally also the same cooler used on IO-540 6-cylinder engines)... I would strongly recommend not to waste your time with the small 7-row Niagara oil cooler on any IO-360 unless you only intend to fly in wintertime, arctic/antarctic areas!
If your engine is the parallel valve IO-360, then here is what I recommend:
The RV-7 doesn't have much space on the cylinder #4 rear engine baffle to mount a very large oil cooler. About the biggest ones anybody has been able to fit are the SW10599R or the SW8432R or the Aero Classic (Pacific Oil Cooler) 9 row #8000074 or 10-row #8000081 coolers. The SW brand is very expensive, but probably the best-made coolers on the entire planet. The Aero Classic coolers are well-made too, but substantially less expensive than SW. We put the SW10599R on the RV-8 in my avatar and it works very well except for very hot Texas summer days, when the oil temp can still get above 220 deg F if you don't manage the engine's heat output very carefully.
Pics of the installation can be seen in this thread:
http://www.vansairforce.com/community/showthread.php?t=65412&highlight=SW8432R
My buddy who recently finished his RV-7 with an IO-360 went with the Aero Classic 9-row, and probably wishes now that he'd bought the 10-row cooler instead and forced it to fit somehow.
If you still haven't used up all the area on your firewall, lots of -7 builders have mounted their larger oil coolers there, and run SCAT ducts to feed cooling air to them.
If your engine happens to be the 200hp angle-valve IO-360, then you'll have to mount a big 13-row cooler somewhere (firewall, engine mount frame, etc) and fabricate ductwork for it.