That looks not only cool, but also more effective...
I am not convinced that the LMC Oil Cooler will be more effective.
There is a good reason that OEMs and aftermarket radiator specialists like Febur and Setrab build thin-wall water and oil radiators with copious even thinner fins, whether in steel or aluminium - to maximize surface area and to radiate heat very efficiently. The sheer size of the LMC Oil Cooler might well compensate for the thicker billet's decreased heat transfer capability to some extent, but I doubt that LMC can offer calculations or trial results to substantiate that *. Aesthetics clearly drove size and shape, and CNC attributes would have dictated the machined assembly's channel number, layout, and dimensions. The latter is pretty significant given that both the oil inlet and outlet are at the bottom of the unit. If the combined channel cross-section exceeds that of the OEMs (entirely likely - 'to be safe'), the oil will not displace (push out) all air in the unit without a high-point plug to bleed it out.
There is also a good reason that BMW added an unsightly oil cooler - missing on the Concept. The 1802cc Boxer obviously needs it, and any 'upgrade' better be super-efficient if it replaces the OEM's.
Each to their own, but I would fit a better-looking cover rather than a potentially improvised oil cooler. Or move the stock oil cooler higher up the front of the frame, where it could look OK, without cover, in gloss black and where it would be less of a Stone Catcher as well. However, that would require bronze/chrome/black tubing rather than hoses.
I will be adding a Trailtech 732-FNA1 Oil Cooler Fan on the back of mine to improve matters on slower rides. I do that to all my large V-twins and connect it to unswitched power to keep on running after the ignition is switched off.
* - Automotive homologation is a big thing in Germany. LMC should be able to provide a German StVZO and/or ECE (2002/24/EC for class L - motorcycles and light 3- and 4-wheeled vehicles) Approval Certificate upon request.