I dont see a dividing wall, I think you would lose efficiency without something.
With this being a low pressure system, I assume you would want to have something to ensure the flow back down is restricted just enough to maximize the time in the cooler.
Additonally, as I am only drawing this up in my head and have ZERO experience with an oil cooler on a Air Cooled VTWIN. The Oil cooler will be mounted higher than the oil filter, will this cause additional strain on the pump? Potentially causing an earlier failure?
Just as an FYI - I was reading through the 107 manual on XMAS

It had said unless your oil is continually running >280F. (Ideal temp is 250-280)There was no need to run an oil cooler. On the flipside if you were seeing temperatures below 180 constantly to add a cover to your oil filter. Just food for thought!
I just grabbed one of the oil temp gauges on your oil cap. Living in Dallas I am keen to see temps come summer time. I rode the other day in 50'ish degree weather and was seeing temps around 180-200 running through traffic. Long runs I was getting down to 150-160.