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Unfortunately, heat does not transfer that well from metal to air, so you wind up needing lots of fins to make surface area for the transfer. Air also tends to have a real mind of its own on where it wants to go, whereas water can be pumped just about anywhere you want it to go.
As a result, air cooling tends to be more bulky and the engine pumping losses seem to be similar to, if not slightly more than, those for a water pump.
-soD
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