Coefficient of Thermal Conductivity BTU/ft-hr-F( 70 F )
Aluminum 6061-T6----- 96.50
Mild Steel 1010 CREW----- 26.98
304 Stainless Annealed ASTM A269----- 9.40
""Aluminum 237
Iron 80.2""
I think it's the dynamics of the situation that come into play. Sure cast iron and aluminum would reach about the same ultimate temps until you look at the time factor. Aluminum transfers heat 3 times as fast as cast iron.
So with the same amount of cooling air flowing through the engine compartment in the same amount of time the aluminum block is going to have a hotter engine compartment because the heat is being transfered in faster than the fixed amount of air cooling removes it.
Not ultimate temp but speed with which that temp is being transfered.
3 times faster to me is significant but this is offset somewhat with the difference in surface color, the cast iron being dark and the aluminum being light. This is why most radiators are painted black it transfers the heat quicker.
With some other factors besides the difference in surface colors an aluminum block should be ok in the cramped confines of a typical GT40 engine bay.
Make the cooling air intake ducts functional. The lower one behind the door, about half of it should be directed into the engine bay. (the other 1/2 goes to the brakes). Make the cold air intake for the induction functional also(sealed off). Then if the engine bay does run a little hotter it won't affect the intake charge. Make sure the rear openings are as free flowing as possible, ie screen cfm.
Run a stainless exhaust. Since stainless transfers heat 3 times slower than mild steel this means more heat is going out the exhaust and not being transfered into the engine bay. Coated steel may be as or more effective, I've not seen any statistics on this though.
All this can be done anyway for best performance even with a cast iron block.
We were just discussing header heat transfer on this thread
HERE