Possibly.....
If you have a lot of blow-by this will also tend to make the pan temps go up.
I would install a second gauge in the oil return line from the oil cooler. Pegasus and others sells a line mounted adapter for the gauge sensor. You basically cut the oil cooler return line and install the block there. As long as the oil going to your bearings is below 210-220, you shouldn't do any damage, but I would consider running a synthetic like Mobil 1 or Redline for a bit more added protection.
I would also do a leakdown check on your cylinders. On my old engine, I had a lot of blowby past the rings. The other indicator that it is ring related is to see how quickly the temps drop when you get off the throttle. In my case, I was always amazed how quickly the oil temps dropped on a 'cool down' lap prior to pitting, basically letting the engine breath, short shifting at 5000, etc. Usually in less than half a lap the temps would drop from 250 down to 200.
Also don't forget to check the sensor for accuracy with boiling water (212F). If you can't remove the sensor & gauge from the car, use a small hot plate and pan of water under the car. Do the test at your next oil change so that you can pull the sensor when the pan is empty.
[This message has been edited by Greg Gauper (edited February 16, 2004).]