By an engineering standpoint as long as you have a good conductive paste between the oil pan and the fins this would actually work quite well. No different than an electrical heat sink.
I should also point out that before my trip in the mountians I had the plastic undershroud off the car and it would run down in the 180s that way. I might pull it back off to see if there is a correlation between running with it off and cooler temps. I would imagine there would be significantly more airflow around the engine with it removed.
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