In my opinion, this scheme will never work in reality - particularly if you expect temperature swings of inlet water (process side) stream, and if you need tight and accurate temperature control. There's no such a smart temperature controller around.
For example, if the inlet water temperature is e.g. 75 degC then you have to cool it down for 10 degC, and how will you do it? There is no control of the cooling water flow, and you would need to transfer some portion of process water through the V-2 line while keeping the steam valve closed.
A great thing would be to confirm process inlet temperature once for good, and see if you would really need alternative heating and cooling. If that is the case, I would simply put the exchangers in series, and provide a bypass line + a three-way valve downstream of the cooler.
- For inlet temperature lower than the set point: route the entire stream through bypass line of the cooler, and act on the steam control valve in order to heat the process water;
- For inlet temperature higher than the set point, keep the steam valve closed and manipulate the three-way valve in order to reach the desired outlet temperature. I believe this can be done.