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Wil, it's easy to see where there may be some confusion regarding the thermostat/oil flow diagrams that you linked. Yes, the thermostat is always open feeding the inlet side of the cooler. That does not mean that oil is flowing to the cooler, however. It cannot flow when cold because the thermostat blocks the outlet side of the cooler, the side through which oil returns to the tank from the cooler. Two ways to accomplish this - block the inlet or the outlet, both result in zero flow through the cooler. Porsche chose the latter.
So, yeah, you have either a thermostat or a plumbing problem. That cooler should be at ambient temperature at the oil temps you indicate.
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