Your example of evaporative cooling is quite a different process, using latent heat of H20 vaporization to extract heat. Water is the bestt coolant in the universe in it's natural state. If only we could carry a depletable pond with us when we drive.
Closed loop heat exchange, with fixed volumes of fluids, has a simple energy balance. The heat added to the air=the heat removed from the oil. The variables are:
1. M.dot oil-mass flow rate of the oil, a function of pump RPM, system design pressure drop, oil viscosity, etc
2. M.dot air-mass flow rate of air, a function ambient temp, and vehicle speed (altitude also, Headwind, as well as coolers construction and placement
3. inlet T of air
4. inlet T of oil
The outlet T's fall where they may. The energy removed/gained for oil is
(m.dot X delta T X Cp)oil
Cp is the constant, heat capacity of the fluid. If you slow M.dot of one fluid, the outlet T will drop, but the BTU's rejected in that hour will be less.
"So I don't quite get how having less oil pass over the same cooling surface cannot result in lower outlet temperatures"
It does, but this is where most people go wrong evaluating a cooler. Drop is only HALF of the energy balance.
Slow it to a crawling pace, you could get oil down to 1 deg F over ambient, right? But what good is it at 3 cc/s per second?
Our example of very slow oil flow, overly simplified: 1 gpm Oil in at 200 F. Air in at 100. Let's say halfway down the tube, oil is at 120. Now the oil has to progress the remaining half with only a 20 deg temp differential, 100 degree air trying to cool 120 degree oil. No significant heat exchange occurs in the second half of the cooler. It is a practical waste of space. The highest heat exchange occurs, integrally, where the fluid temp differences are the highest, in this example, near the cooler inlet. Differential is 100 degrees (and 5x the heat exchange rate, over a 20 degree differential)
speed up flow now (or arrange the tube vertically) to 10 gpm (10x) and we may only produce a 10 degree drop in the oil. But the energy removed is 10gpm X 10deg=100 units.
Previously it was 1gpm X 80deg=80 units
All coolers share this problem, the closer the the oil outlet you measure, the less heat exchange is occuring. So long tubes in narrow coolers suffer the most, especially since they contain more P drop forcing lower fluid velocities. Short vertical arrangements tower over in rejection rate, because the temp of the oil at the end of the tube is still high enough to contribute significantly to rejection rate (BTU/hr) and also because more M.dot can be established (lower P drop).
It is analogous to voltage. The higher the voltage (potential) the more electricity you can move. The higher the 2 fluid temp differential (potential) the higher BTU transfer.
The best we could do for heat exchange RATE, is to up mass flows of each fluid (air is a fluid) so that oil cools to 199 (1 degree), and air heats to 101 (1 degree). That represents an unobtainable fantasy in the real world, the mass flows would be supersonic. But the point is there.
Sorry this was long winded. There is no easy way for me to relate some things.