Bernard,
Oh, yeah: I just noted that your mechanic did a differential compression check on your cylinders. What I had recommended is an AUTOMOTIVE compression test. This test is recommended by Lycoming for trouble shooting cylinder problems, and used to be pretty standard, but lately has been replaced by the differential test.
The differential test only tests the cylinder's ability to HOLD pressure at one spot in its' stroke. The Automotive compression test, on the other hand, evaluates the cylinder's ability to MAKE compression, not hold pressure. That is a very fundamental difference.
My engine which I learned this on was running very high oil temps, in the range that you list: 230 or so, even on cool days. Cylinder head temps were over 400 as well, but well under red line. We couldn't find any problems on this 400 hour engine.
Finally called Lycoming and they said to do the automotive test. Two cylinders were allowing severe blow-by, heating the oil. This also results in pretty black oil pretty fast.
There's one more possibility that nobody has listed yet. I don't have my Lycoming books here, but if that engine is one that has had a constant speed propeller on it at some time, it is possible that when they removed the prop governor, they didn't put the plugs in where they should have. That's a long shot, but I've seen two Cubs (both sold rebuilt by the same company) which had engines removed from a Twin Comanche. The outfit had rebuilt the engines, but didn't make the appropriate changes to accomodate the removal of the prop governor. This bypasses the oil from parts of the engine and causes oil temperatures in the range you describe.
Ask your mechanic to check to verify that your engine does not have a provision for a governor. If it does, this is a possibility, and the engine oil temps will run pretty hot, since the oil isn't circulating properly.
MTV