I agree Chris. I was trying to counter the arguement that reducing the water pump speed to reduce the coolant flow was beneficial. My statement was based on the assumption that one did not have enough cooling capacity. You are correct regarding the 'free' horsepower from reducing the flow assuming you have excess cooling capacity.
Taken a step farther, you also shouldn't run a radiator bigger than necessary due to the added weight up front. Run the smallest, lightest radiator that does the job. As you indicated, by paying attention to the shrouding and air management, you can improve the cooling effeciency further.
That's one of the reasons why I posted a link to the open wheel site BTW. Excess weight and drag are so important to those guys, and they go to great extremes to get the cooling system as efficient/light/streamlined as possible.
One final comment...last month I had my Prod car on the dyno at King Motorsports to prepare for the June Sprints. It was quite an eye opener to discover how critical proper coolant temps were to making the best horsepower. It turned out I was running the car too cool by 10-15 degrees. Every engine is different, but there is an optimum temperature at which you will make the most power. Don't assume cooler is better!
BTW Chris, how did you do on Sunday? I stopped by to chat on Saturday during my off sessions from flagging, but you were never around.