Same question but a different cooler. The one I bought has a line in and a line out. I was thinking of trying this all by it's self.
http://www.summitracing.com/parts/DER-13260/
I had planned on mounting it under the car by the frame rail. In it's description it claims to have a lot of surface area for cooling fluid and does not need as much air flow as a traditional style cooler.
Any and all opinions welcome.