As oil is heated, it's viscosity decreases. Manufacturers pick engine oil based on it's properties at it's normal operating temps.
Heating your oil past this temperature would be similar to choosing a lower viscosity oil. I would have some significant reservations about running oil that is less viscous at operating temps than the manufacturer's recommended oil (either through heating or choosing a less viscous oil).
I do see a lot of value in something like this for warming up oil quickly in a cold engine. I just wouldn't be comfortable pushing oil temps up to 250-300°F
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