Lots of discussion regarding this over on the 'Open Wheel' site. The consensus is that slowing down the cooling flow to help cooling is a myth. The higher the flow rate, the more effective your cooling will be.
http://www.apexspeed.com/forums/showthread.php?t=29010
Some really good discussion by some very sharp people...particularly Mr. Weitzenhof (7-Time National Champ).
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