Keep in mind that not all of the heating happens in the pump. Theres friction along the entire loop too, so in the end its a loseing battle. Maybe if you have some monster of a pump you could shave a few watts off by cooling the houseing, but keep in mind its made of plastic (or at best a thin aluminum shell with no fins). While a radiator is made of copper and does have fins. So a CFM of air on the plastic houseing is doing you a heck of a lot less then a CFM added to the radiator.
So while it can help, from an effciency/noise standpoint, just improve the radiator for best results.
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