I really don't know the answer to your question, but I do know what some people have said.
First, I believe that the major heat producer is the motor, not the electronics, and the motor heat is mainly in the spindle. The spindle releases it's heat through the middle of the PCB, not the sides of the drive.
Second, there is an article on ProCooling specifically about cooling your hard drive. Score! Look here:
link. So, even if the heat isn't being produced near the case, it seems you can cool the whole drive (enough) by cooling the HD case. The PCB and motor seem to be able to dump enough of their heat into the case to keep things running OK.