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I see two things:
The piping to carry the coolant is subject to corrosion. Water-cooled vanagons have piping that is suitable.
The low pressure wake may not be as helpful as you might think. VW bus owners argue about this. What's more important is the ducting. Maybe you could replace the rear decklid and wing with something Porsche-like with the radiator mounted at an angle, canted to the front. The inlet and outlet can be as llttle as 1/6th the area of the gross dimensions of the radiator itself.
To answer the question, if the internal drag of a sealed engine compartment plus the ducting and radiator (which has a lot of drag just by itself) in back is less you win. So it sort of depends.
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