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How fast do you think you are going to get coolant to flow using natural convection? This is the side of the equation I would concentrate on. Even if you have cooling fins into the airflow on the return line I can't forsee getting much flow out of natural convection.
As far as getting heat out of the exhaust, Someone makes a double wall tubing with fins on the inside. Use this as the exhaust tubing. You would need to turn off some of the outside & weld on a sleeve type fitting on either end for the water lines.
Don
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