Those two valves do not have any bearing on the oil cooler, item #6 is in the oil filter cavity, it's the ball at the far end of the cavity, and it opens and bypasses oil when the differential pressure across the filter is too great. I have seen in print, that in low temps and heavy oil ,pressures of 165 psi are possible in the oil filter cavity, and can cause the oil filter to collapse. The other valve inside the engine ( it looks like it is in the oil cooler, but in reality it's in the engine case behind the timing cover ) regulates the oil pressure of the lubrication system inside the engine case well after the oil cooler circuit.