Looks kick ass, guys!
For what it's worth, computer geeks have water cooled computers for a while now. I've read a handful about these systems and once thought about building my own.
One thing is that the more liquid you have in your system the harder it will be to heat up to the same temperature where if you had less liquid being heated by the same amount of heat.
Second, the key is the ambient temperature. Regardless of how much surface area you have on that water cooler you will not get below the ambient temperature. Ice will of course help this, but ice melts.
Same rules apply for air to air intercoolers, but water is a much better conductor than air.
I personally don't see an issue with this setup while street driving and staying out of the boost. They could even install a small fan or two to help move air through the cooler during low speed driving away from the track, but then again I wouldn't expect the air charge to be that much of a concern when not under boost.