Thanks for the advice and information, hope some more of the "big track/race guys" will comment on this thread. Seems like many have lost an engine at the track.
It would be very interesting if you could "dig up" the dry sump thread on Rennlist. Like I said, I will be trying out the 997 water cooled oil cooler, it is about 20-25% larger then OM Boxster S cooler. The part number is 99710702500 an there is a picture below. It is 5" high with the Boxster S cooler measuring little over 4" . I believe it is possible to squeeze one under The Boxster 2.7 and S manifold, but you might have to bend the water overflow pin at the top a little. As I said, I intend to fit 996 manifold on my build.
If I still get dips in pressure with it, I sure will look at external oil/air cooler or a dry sump system. They are said to keep everything much cooler