Not really, mostly you don't want to over cool the oil.
When I first started messing with flooded screws, no one had much experience with them in Oil & Gas upstream service (the first batch I bought were from Gardner Denver, and their video called "Screw Compressors in Oil & Gas" showed a bunch of screws working and all of them were mine). There were some packagers with very good knowledge, but not many operational go-bys for rough field use. After 6 months we looked hard at costs and found that oil was our largest single line item by far (bigger than the next 6 combined) and thought we had made a bad choice going with them. We found a guy that seemed to know what he was doing and he said we were not managing oil we were just writing checks. At that point we started actively managing oil temp.
Water vapor is molecular water and the "particles" are so small that there is simply no way to economically remove it with mechanical separation. The water quantity is pretty big (in your case, the vapor load will be on the order of 25 bbl/MMCF of water vapor). You need to keep enough heat in the oil to cook the water out of the oil.
We used temperature guns (there were no installed thermometers, who knew) to check the temps, changed out the bullets in 3-way valves, covered cooler sections, etc. After 6 more months Oil was out #7 cost and the machines were running trouble free. Three-way valves were installed on the oil side to bypass the cooler with part of the stream to keep temperature up, these valves were ok, but not adjustable and always sent a substantial stream through the cooler. Not a real convenient arrangement, but it worked ok.
I recently saw a lash-up that has the potential to allow temp management to be automated. This particular skid used a plate-and-tube heat exchanger with glycol on one side and oil on the other. The glycol loop included the fin-fan cooler. There was a control valve on the glycol side that was driven by the PLC based on the temperature out of the compressor. This combination allowed the temperature to stay very close to the 205F that is optimum to prevent coaking the oil while maximizing the water that is cooked off.
Bottom line is that if you don't get rid of the water, the droplets will not coalesce right and a lot of oil will go down the line as aerosol, your oil will fail samples and you'll have to dump it, lubricity will be poor and you'll wipe bearings, viscosity will be high and nothing will work right.
David