I've been interested in air/water setups for about a decade now. You can make them with ultra short piping, the have almost negligible pressure drop, and you can wing mount the heat exchanger to keep fresh air to the radiator. The you have the option of doing an ice water reservoir!

Eyeballing the core on that Nova, it looks like about 700-800cfm worth. It also looks like he'll have another on the driver's side, so about a 1000hp setup.