I have just put a oil cooler on mine and decided to leave it on.As
1 i dont think it will come off with engine hangar on engine as the 2 pipes that come out of it are to big.(Edited to say i forgot about it didnt have to turn.Just take off big nut and it will fall off.)
2 It is there to heat the oil up on initial startup and i think that is a good thing as the oil dont work properly until warm.

The 2 pipes are discarded if you do take it off and you need to make up a pipe that goes from heater matrix to head instead.

If you need a filter that will fit if you decide to keep modine Pm me.