A black object is the ideal radiator, i.e. dissipates heat the best by RADIATION. The real question is how much is dissipated by radiation on a black engine compared to extracting heat by CONDUCTION, i.e. moving coolant thru the engine.
For street applications, It would seem to me that if it was good for a 10 degree lower temp, for example, why not just lower the thermostat by 10 degrees instead of relying on the color?
Black is also the best color for absorbing heat (from an external source), such as converting sunlight to heat.
george
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