Brad Mackey wrote:
Could the fix be to install an oil cooler to help with overall temp reduction?
Never had any overheating problems with my car on track, but intend to install an oil cooler soon... Just seems like a good move.

An oil cooler is definitely a good idea, especially on a car that is run on track. Like Ryan said, a REAL gauge is your friend to let you know what's really happening. The stock gauge on the Miata sux.
On the oil cooler, I discovered that my oil temps were above 250F in FEBRUARY! I don't know how far above, since the gauge only goes to 250F. I do know that the reduction in oil pressure was drastic at those temps so I got a cooler. Last month at VIR with 95F ambient temps, my oil stayed at about 235F all weekend.
If you do get an oil cooler, don't waste you money on the "tube & fin" type. I had one and it didn't cool squat. Get "bar and plate" model and a oil t-stat while your at it. Oil too hot = bad, oil too cold = bad too.