I know nothing of making ours into a naked bike. I do know the overflow can be relocated to under the seat with no additional parts needed. However, you cannot keep the tool tray (if you have one) if you mount it here. MOB did a great pictorial with captions. Oh yeah, you do need to buy a small piece of velcro if you don't have any lying around.
http://rides.webshots.com/album/197545285ZPOTXA?start=24Elvin's Pbase photos have many pictures (to give you ideas) of naked Connies (the bike). I can also say from an aesthetic stand point (my opinion), make sure the headlight assembly area items you choose are large enough. A few of them look a little odd because what the builders choose was something a little small to go with the rest of the bike. Maybe it is the huge tank and exhaust cans. Then again, its becoming the style on the latest bikes.
The oil cooler can be bypassed with a custom hose from my conversation with Bergman a while back, but do not just block it off because it changes the characterists of the oil pump flow. I'll see if I can find the email.
Edit: I went back and read my email (and set it to you). Bergman's opinion (designer of the SPOOFAK) of the question about just connecting the lines together by cutting them where the rubber hose is crimped on at each line then connecting them with a piece of rubber hose is doable. This is the $3 way to eliminate the oil cooler. Just make sure there are no kinks.Have you thought of keeping just the upper fairing or is it busted up or gone?
Don't forget to bob the rear fender too. It helps out to visually balance the bike.