You can cap those lines, no need to route a loop. I would recommend leaving the hardlines in should you ever decide to reinstall that oil cooler. I removed mine, and removed the lines... now I am reinstalling my OEM oil cooler and had to pull my GTM oil pan just to get those hard lines back in.
To preempt the follow-up question, it appears the OEM oil cooler was, for me, sufficient for a street car in FL with FI in conjunction with my high capacity oil pan. It also carries the added bonus of not pumping all my oil onto the street in the event of an unfortunate fender bender, should one occur.
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