I have and others have road in brutal cold winter weather where these motors had plenty of power and ran good. Yes and Taco is running a custom high compression billet head.Water cooling by itself won't change how it runs and without other modifications will likely have less power due to the cylinder/piston clearance not tightening up if it stays cold. The whole idea behind water cooling is you can make way more horsepower per cibic inch with engine improvements and still get rid of the heat.
Jim