Cathar,
Viscosity is far more important than the thermal capacity or conductance of the fluid. Viscosity affects both the boundary layer as well as the flowrate/delta_P (power vs flow) relationship. You generally are looking at relatively high flow rates, so your delta_T across the block is negligible, hence thermal capacitance not having much impact. Conductivity will play a role in how efficient/inefficient the transfer through the boundary layer is, but this is not as major a player as the viscosity. Sure, you'll transfer heat through the layer more effectively, but the layer will be thicker. Factor in the added pump juice needed to maintain flow and it seems like a losing proposition to me.
In very dilute concentration is makes a wonderful algaecide. I wouldn't consider it for much more.
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