Surely, the A/W method is just a system to transfer heat to the external air. Therefore the water rad will be not be bigger than the A/A intercooler. Obviously the A/W intercooler will have to be sized\to ensure the transfer rate is sufficient. When Porsche were forced into A/W intercooling on their 935 there was no drop in power only extra complication and weight. Porsches A/W intercooler was relatively compact and coped with big numbers of ponies.
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