Cooling is always a problem when trying to convert automotive engines to aircraft ... by the time larger radiators , oil coolers , and airflow are increased many of the original attractiveness has been lost ... not to mention auto specs may state 300 hp but it is always at high rpm thus a gear reduction is required . Which of course adds even more complexity and weight. All of a sudden those forward looking plans start to go backwards.
Lycoming were not fools in the 1940's .... they used lots of cubic inches to produce low rpm power , hemispherical combustion chambers and dual plugs for best combustion , a hefty crankshaft for direct drive prop flange , and air cooled for simplicity.
The single biggest problem has always been the high cost of those certified engines , thus innovators turn to automotive power as an alternative .... and then trick themselves into thinking they have accomplished something .... and YES ... they may have solved a financial issue ... but that is about it.