No need for a cooler, and you don't need a very big reservoir. You could likely use the rear end as the reservoir, but that is up to you. I would. I'd just add a little more oil to it if needed, or add an extension to the rear cover. Or you can just use an external reservoir. Just figure up how many gallons you need for the cylinders and make it 4-6qts bigger. That should be fine.
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