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Look at the Cessna 337. If you use a Cowling to cover everything how much difference will that make in Speed? How much is that going to affect your Overall Cooling? The Trouble with Water Cooled Engines is Pressure from the Coolant Heating up, not Heat itself. Take the Water out of the equation and use something like Evans Waterless Coolant.
Using all the different Ceramic and Moly Coatings can also reduce HEAT going into the Engine. They have Coatings for Pistons, Heads, Valves, Exhaust Ports, Exhaust, Bearings, etc! Which drop your overall Heat by 20%.
You might be interested to find that the first cowlings added to radial engines both improved cooling and reduced drag. Our knowledge has improved from there...
A cowling has multiple purposes in Eugene's airplane and has been talked of elsewhere in this thread and on the forum. First and foremost is the forest of disturbed air at the center of the wing, which messes with the entirety of airplane performance. A cowling will clean up wing airflow considerably and generally transform the airplane.
Once we have the idea of good airflow over the wing, yes, any cowling has to provide adequate airflow through the HX's and over the hot points of the engine. A proper pressure cowl to the HX can easily do this with less total drag than by just sticking HX out in the airflow. This concept has been demonstrated for over 90 years. Eugene is planning for all of this. If it adds to speed terrific, but that is not the biggest purpose.
It would be nice to avoid pressurized cooling systems, but we will have a hard time approaching a more reliable and durable cooling system than what is in Rotax 912 powered ships. The problem with straight glycol coolants is that they do not extract heat from the engine as well as water-glycol coolants do. In order to remove as much heat as our water-glycol mixes do, these straight glycol coolants must run at higher temperatures, and extant engines simply are not reliable and durable up there. The biggest issues include thermal tolerance of many of our common materials and thermal expansion of parts. Straight glycol approaches have been tried and abandoned repeatedly for these reasons.
What do you mean by "drop your overall Heat by 20%"? We are using approximately stoichiometric mixtures for the amount of air we are flowing, so the energy liberated in the combustion chamber is unchanged. Modest insulation of the combustion chamber with these coatings will reduce heating of heads and piston crowns, allowing the combustion gases to remain at somewhat higher temperatures through the power stroke. 20% reduction in heat flow to the head and piston is huge and probably not attainable with a coating a few thousandths of an inch thick. Less heat lost to piston and crown means EGTs will be increased, with negative impact upon exhaust valve life. Admittedly, the Rotax 912 does not appear to be life limited in the exhaust valves, but it is in most other aviation engines. I suspect that the margins on the Rotax to tolerate increased EGT's is not large...
Eugene already has a pretty full plate in addressing the airframe issues - trying to improve upon what Rotax supplies so reliably is asking a bit much of him at this point. Maybe after his airframe mods have been wrung out, he could explore coatings and coolants as a means to further reduce cooling drag in his airplane.
Billski