Appart from the fact sealing it all to ensure the oil doesn't leak out will be a task in itself, I'm not sure it will work. Oil has a pretty poor heat transfer ability so you will get localised component heat up, (asa the oil will act like an insulator). If the oil were circulated and cooled it may work ok, but as it will be stagnant just relying on transfer through the oil to the tubes, I doubt it would work.
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