My buddy has a 13' Diamond back with a sb, and a rotater, he burns more fuel than me, also, my roommate has a 10' cutdown hull, with a 125 and he burns twice as much as me, as Waterthunder said, their are a lot of things that can make a difference. My boat planes out at about 1700 rpm's, it is a 13'6", and all of my rigging is mild steel, not conduit. I think it has to do with the fact that I have a small 4 barrel carb, and most of the time, the secondaries are not open, but I do not run my boat hard, i cruise between 1800 and 2000 rpm's for the most part.
About the oil cooler, and checking the inlet ond outlet temps is a great idea, question though, what should the temp drop be across the oil cooler? I also know that at 175 degrees, which is where mine runs, is still a little to high, I have mounted a second cooler, but have not plumbed it in yet. I made a bracket to mount it on the out side of my cage, behind the prop, so it will push air through it. I am hoping to have it plumbed for this weekend.
Both of the 220's that I had, have had similar cooling issues, my first one was worn out, but ran like a champ, the one I have now has about 25 hrs on it since a major overhaul, and it does the same thing, go figure!