Yes Alex, and the heated water to the exchanger to be cooled. Contrary to some beliefs and accusations on IC's.(no one in this club) Ive learnd from a neutral source that the mark of an efficient IC core is higher water temps not lower. This does not mean you want higher water temps! Simpley put if the water temps are lower the core isnt removing as much heat OR the heat exchanger/radiator is more efficient cooling the water better.
So break it all down to what LP said.....If you can slow down the flow through the exchanger you'll be cooling it down more. However, your not going to have temps lower than ambient unless you artificially do something. Fan on the exchanger should prove to do the trick well from an economical standpoint. Ive seen aftermarket ones at Peppy Boys. Look at the difference the fans make on an engine! "Barbie pools" Will really cool things down at the track or on the hot days.
If your still not happy, A larger exchanger will help aswell. How much weight do you actually think your going to add? 10-15# If you can run more timming you will make up for that!
AC was also mentioned, CO2.....So you new IC is tuneable. I guess thats what im trying to say.