Check out the 911 porsche series. Their water cooling radiators are in our stock IC location. (Comparitivly speaking). There was a remarkable article in Bernoulli (the Industry CFD magazine) that went extensively into the best way to vent that hot air... out the fender liner? or underneath the fender skirt forward of the wheel?
They chose the exact same method the OEM Nissan 300ZX TT uses... a venturi. The reason? They had more efficient thermal cooling over the radiator (who cares about the venturis results), then when they dumped into the fender liner. But why? Oh... that big hot rotating mass of a tire creating a turbulant and high energy air flow right behind the radiator. Look it up. great article.