i know its done before. i would never do it, well with the exception of some supercharger kits require it (tork tech, and the race kit from kenne bell), as i like to keep my engine bay as clean as possible and not build grim up on top of it. and im sure this would only exacerbate it.
as for cooling efficiency, it'll only be minor.
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2003 Mustang GT
SLP LM1 catback
Rebuilt 3650
3.73's
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