A vernitherm is a thermostat for your oil. It's usually cylindrical, and serves to either flow oil to the cooler, or bypass it to the tank. On aircraft of your vintage, the vernitherm is usually a coil of bimetalic metal, which serves as the spring to open and close the vernitherm. It's a rotary device, with the bimetalic spring coiled inside. Sometimes bits of carbon will get stuck in the rotating barrelof the vernitherm, causing it to stick open, or shut. Open, it's seldom a problem, but closed, and oil doesn't make it to the cooler. You can leave the doors open all day, and it won't help, because oil isn't getting to the cooler.
The vernitherm is what gets adjusted to set the oil temperature. It's independent of your temperature gages, competely. When a mechanic sets the oil temperature, he's adjusting the manual spring tension on the bimetalic spring, which in turn adjusts the point at which the vernitherm will open or close. It's usually a double screw, or offset screw arrangement at one end of the vernitherm assembly.
The temperature you see in the cockpit is probably being read by a thermocouple probe; a bimetalic probe that is about four inches in length, and appears brass in color. (some silver or aluminum in appearance). These probes in theory will send a particular voltage value to the gage based on any given temperature, but the actual values read by the same meter will often vary. Accordingly, adjustements made to the vernitherm to compensate, vary, and the actual oil temperature is seldom what is indicated in the cockpit.
This is common. The truth is that most of the information received in the cockpit is only rough and approximate, modern FMS units excepted. Your voltage values are on ten cent gages that don't indicate accurately; they're only there as a rough approximation for the flight crew. From a maintenance point of view, most indications in the cockpit are really just idiot gages to keep pilots happy. What is actually going on with hydraulic pressure, voltage values, electrical loads, temperatures, pressures, torques, etc, is often not what you're seeing in the cockpit.
Some measurements are tested to be within certain tolerances, others are not. Often not.
I would be very surprised if your company tested their temperature probes during installation, or verified that the temperatures indicated in the cockpit are true measurements of what's occuring at the probe. Only if gross misindications occur would there ever be a reason to test the probe, and only then to determine if it's an instrument problem or an actual temperature problem. Generally the probe just gets replaced. I've seen multiple probes go bad, one after the other. Calibration of the probes is sometimes done at the instrument, sometimes it's measured prior to installation using temperature and voltage.