We chased a heat issue and learned a bunch.

Things that helped.

1. FlowKooler water pump impeller
2. Robert Shaw high flow thermostat
3. Smaller water pump pulley for an early mustang
4. Flaps on the radiator shroud that open with speed(biggest help)
5. Higher flow electric fan

For us, condesor and intercooler had no effect on cooling.

Since this started on oil use... This has been my observation after 14 years on a newly rebuilt 292 in the 56 Ford I bought. My car currently has 19,000 miles on it since I purchased it so you can see it doesn't get a lot of miles. I can't remember what I started with but for the last 15K miles its gotten Lucas Hot Rod 10w-30 oil and Wix filter once a year no matter the mileage. It gets very little highway driving. At 9000 miles I did not like what the spark plugs looked like and took off the cylinder heads. I felt too much oil was passing by the seals and guides, which did not feel loose at all. I removed the carbon off the valves and and what was in the chamber and lapped the valves and seats which showed not wear. I have the tooling and added positive seals to all 16 valves. I tested the oiling thru the passages with the heads off after a call to Ted and found it plenty of oiling to the top end using the starter motor. I have run the engine with the rocker covers off and a cardboard defector to keep "splashing" off the exhaust and both sides overflows work fine when the engine is warm/hot. I run my oil level 1/2 qt low to allieviate the minor leak it does have ..not from the seal but from the side of the seal retainer. I also use a PCV system from a 64 pickup with original serviceable valve.
After 10K miles the plugs are perfect and I've used a camera to look in the intake ports with the carbs off  and thru the spark plug opening and see no carbon build up at all. Our Fords recommended 20W oil from the factory from right on the stick in the glove box. I will not use 20w-50 oil in anything I drive today because of 99% local town driving. It's just my choice

56 Vic, B'Ville 200 MPH Club Member, So Cal.