Pat, you have to throw superheated turbocharger coolant into your equation. If you boost hard for a long period of time you can overcome the latent cooling ability of the stock system pretty quick (especially if you're modded).

I installed Water Wetter to take care of suspected localized boiling of coolant in hot spots (areas where coolant pooled near the combustion chamber) in the cylinder heads that were supposed to be causing detonation and failure in certain cylinders. Didn't seem to make a difference to me in tuning "on the edge" - thus I'm dubious of it's efficacy.

Again - I don't run track days or go full boost on 90 degree mid-noon runs through the desert so I don't know about those conditions, however full bore tuning runs at night and at the dragstrip showed no benefit. YMMV.
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I think I agree with the intent of your points. The water and Water Wetter have the ability to absorb more heat all things being equal, but obviously a cooler thermostat would be key to the car actually running "cooler". That about right?

San