Interesting question. The motor has no real fan blades so it really doesn't draw air in and push it through. Find a smoke source, mount a motor on a board, run the motor in close proximity to see how the air is drawn through the motor. My guess is that it will go either way in absence of any confinement which directs or constrains the airflow. What this would imply is that statically the motor will simply circulate air dependent upon the heat flow. When a propeller is mounted, then the air will be "pushed" through by the propeller. It is my unquantified opinion that a motor mount in a properly design cowling will cool better than one in free air. Some of that is based upon having seen and done a lot of engine installations on 4/4 airplanes. The Lycoming hanging out in the wind cools good enough but one in a good cowling cools better, looks better and has less drag while one in a bad cowling is in deep guano.
Time to go find some smoke and do a test.