Would I be able to bypass the oil cooler and just leave the box there? Keeping the oil filter in the same spot but just running a bypass hose from the water pump to the radiator?

 

There is NO Oil cooler on a 460 ....Unless you Mean Transmission cooler ? You do not know what you are talking about ....Do you have a Service Manual for your Van ? Also What Year is it ? ...I have ALOT of E Series Manuals ( I am on my 7th ) ....check your Chit before you post ....

 

Parts show that there is an oil cooler on the 7.5 engine.

I have experience with the oil cooler on the 5.8.

Another member here about a year ago had problems with the oil cooler leaking and had oil/antifreeze mixing, he bi-passed the oil cooler and solved the problems. The oil cooler is just spun on the oil filter nipple, and can be removed, and the standard F1 oil filter spun on, pointing to the left front tire, not to the ground.
Replace the lower radiator hose with a one piece hose.

 

You may want to check yours before you post also.