Do you guys put vent holes on the cowl or just let it vent out where the pipe comes out the bottom?
You don't want to put vent holes in the cowl at all. The hot air off the engine will exit the system, and leave no air going over the rest of it. We have learned that the hard way over the years. Several of Teds airplanes and my first Infinity all had cowl exit holes, one flight at Muncie was all for that plan, we had to block them to keep the air in the tunnel to at least past the coupler. Other people have gotten away with it.
Dave's example only has vents starting at the coupler, which is a bit less-than-ideal, but it *usually* works. The danger area is the front end of the pipe, near the coupler. Ideally you want the air to go all the way from the intake near the cylinder and all the way to the back of the pipe, or at least to the constant-diameter section. Letting it out earlier causes temperature gradients across the pipe, because the air leaves, so the top of the pipe gets little cooling.
There is little concern over the engine itself getting too hot. The same case/the same cooling effects happen on these engines, and their pylon racing older brothers, some of which run 5x the power and in some cases, *the glow plug glows a dull red* when it's running. Put enough air across it to keep the pipe alive, and the engine will be fine.
Brett