The specific heat of oil is about one third that of water. The same amount of heat will therefore raise the temperature of oil 3 times that of water. The rate of heat transfer from the engine to the coolant is proportional to temperature difference between the engine and the coolant. At the same coolant circulation rate, the oil will be hotter than water and therefore the heat tansfer rate to the oil will be lower. The engine will therefore run ALOT hotter with oil coolant to transfer the same heat generated by the combustion. One BTU of heat will raise the temperature of one pound of water one degree F while oil will heat up 3 degrees F. If the water heats from 90 to 200 deg F, the oil will heat to 420 deg F. Based on some approximations, yout engine metal parts will run at least 80 to 100 deg F hotter (probably worse). Also: 1) The maximum temperature of water entering the engine is limited by the radiater pressure. If it is veneted, the maximum temperature is limited to 212 deg F. Oil on the other hand can get to 400 deg F or more. 2) Oil is lighter than water so your water pump, while circulating the same volume (actually less with oil due to higher viscosity), will ciculate about 20% less pounds per minute than with water. Looks to me like you may reduce cooling side corrosion at the expense of burnning your engine up. Try it and let us know how long it takes to burn up the engine.
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