yes youd need the water pipe, the oil stud?, and the actual cooling chamber to convert it. the factory one isnt as near as effective as an aftermarket one tho.
there are no downfalls to running an oil cooler, i wish i would have did it on my old motor, i just never got around to it.
mike, if u dont have an oil pressure gauge or oil temp gauge u probably have no idea how hot that oil is getting in your motor. it was getting pretty ridiculous in mine over the summer right before i sold it. i recommend one if u plan on keeping the car