Power Steering Problems Stacking Up
Anyway, if its bypassed thats good because those factory coolers are actually power steering fluid heaters, they do not cool the PS fluid.
If the guy before you ran it without fluid for awhile you probably have a damaged pump, they can't go long when they're just low on fluid before getting damaged.

For airflow:
That factory cooler is pathetic.
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Coolant in our cooling systems is always at a temp that will cause 3rd degree burns. The power steering fluid that enters the alleged "power steering" cooler is just warm. After it leaves its burning hot. Feel the metal lines sometime that enters the rack, you'll burn yourself. Mine are never more warm then touching the paint on the hood of my car in the summer time.
Its a power steering fluid heater, plain and simple. GM just designed a piece of crap. They don't always get it right. Or they were trying to be cool and thinking people are gonna go road race their cars and then the 230 degree coolant would help cool the 300 degree power steering fluid.
All I know is: I have a very happy power steering pump.
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