The "can you hold onto the oil dip stick" is a good basic way of knowing if the engine is running too hot....electric fans are "iffy" to resolve a speedster heat related problem.
The factory VW Beetle engine bay design had a sealed area with louvers just below the rear window . The later models had the additionl louvers on the deck lid. The exhaust heat has must be sheilded from the engine bay.
What I've been done with the Speedsters I make a (*) sheet aluminum seal in a horse shoe shape. It must be made in three pieces to allow for it to be set in. The aluminum is above the exhaust in the engine compartment that follows around the engine leaving a 1/2" to 5/8" gap between the seal and the sheel aluminum, this gap is filled in by installing a aircooled VW bus "H" foam seal that is designed for this purpose.
On the engine bay forward fire wall to rear of engine area, I leave that 1" horizontal space or so open to allow cool air to flow through the engine compartment and out the deck lid grill.
A rubber seal on the deck lid to body lip is not as good as using use four rubber "stopper buttons" (see JPS site for their pics) this also allows for a bit of additional air to escape.
The larger the engine size the additional cooling options need be added i.e. a 1.5 qt. oil sump, external oil cooler and a remote oil filter also adds to the over oil capacity of the engine.
Finally, head temp is a must to monitor in larger engines, timing, carb set up, plugs etc, can effect this which relates to engine temps.
....Alan M.
(*) The aluminum I use is a epoxy painted (colors available) truck body sheeting that is available through distributors and or body shops.