I understand where Stan is coming from, because I've suffered many of the same air cooled woes.
When I restored my IM in 2009 I seriously considered going water cooled, but chickened out because I didn't think I was capable of doing the conversion.
Instead I had what I thought was a capable shop build me a 2275 type 1 engine, with CB fuel injection.
The engine never ran properly. I had serious fuel injection problems, overheating, and an oil leak at the flywheel which destroyed my clutch in 3000 miles.
In frustration, after a typical crappy drive, I pulled the engine. Once again I seriously considered switching over to a water cooled engine, but after I long discussion with my new mechanic, who was a VW service rep and has worked on Porsches for many years, about converting to water cooled. Even though he does a lot of work on WRX and WRX STi cars he recommended staying with an air cooled engine.
He's promised me he can work out the problems and get my car running properly.
We'll see.
My wife and I want to drive down to the Grand Canyon this year, but I won't go unless the car is dead reliable. If it's not I'm going to give up on air cooled engines....for good.
David promotes a Subie conversion and I mentioned to him a while back that the conversion may have been fairly straightforward for him, but that's because he has the skills to do the job. Many of us don't, and if we have to have a shop do the conversion it can get expensive. I think $10,000 to have a shop do the conversion would be on the low side.