We did our testing on a Fox body car (1987). It had a stock hood. The rear of the hood was raised up by installing spacers between the hinges and the hood. This made it easy to adjust the height of the hood at the back. After the hood was closed, the sides of the hood were taped shut all along the edge. This is a standard thing to do on most road race cars. I think the resulting behavior translates directly to a cowl induction hood with an opening at the back of it.
There are three major scenarios going on here, which I don't think is clear yet. In each scenario different mechanisms are dominating the cooling behavior.
An internal combustion engine generates mechanical energy by first generating heat energy. The more mechanical energy you want out of it, the more heat it generates. To keep the engine temperature constant, the cooling system needs to remove just as much heat from the engine as the engine is making (not exactly true, but close enough for this explanation).
When you have a car on a road course, the engine is typically at full throttle at least 60% of the time and the average speeds are high. As a result, the engine generates a lot of heat and the cooling system can transfer all of that heat into the air due to the large volume of air going through the radiator from the high average air speed. In this case, you are relying on the high air pressure differential across the radiator from the high air speed, to force a large volume of air through the radiator and keep the engine cool. If you do something to reduce the pressure differential across the radiator, you will reduce the volume of air going through it and the engine temperature will go up.
Driving on the street, the average throttle percentage is very low, maybe 8%. Take the case where the average speed is medium (45mph). The engine is making very little heat and the average air speed is high enough to keep the plenty of air volume flowing through the radiator. As a result, the cooling system has a very easy time keeping the engine temperature constant and the thermostat is probably only open 20% of the time. In this case, it won't make much difference at all what type of hood you have, since there is plenty of airflow through the radiator. Even if you reduce the airflow through the radiator by 20%, the thermostat will then only be open 30-40% of the time. This is still plenty of cooling system capacity for the engine to be kept at the thermostat temperature.
Now take the case of driving on the street in stop and go traffic. Very low throttle percentage (3%) and essentially zero air speed. The engine makes very little heat. The only airflow through the radiator is going to come from whatever fan you have on it. Without the fan, the engine will overheat, despite that fact that is barely making any heat. In the situation with the fan providing all of the airflow, anything you can do to help the fan create more airflow through the radiator will help a lot. Using a cowl induction hood will help this. It will be easier for the fan to push the air out of the engine compartment and as someone else pointed out above, the heat in the engine compartment rises, actually creating its own airflow that pulls air through the radiator.