There was an interesting post in IL2/FB forums way back, when Oleg posted the data from RAF testings of the Mustang Mk.I(or mebbe it wuz II or III.. I'm sure the test report fetish guys would instantly realize what I'm mentioning

).
IIRC, the RAF Mustang recorded only about 414mph, and was noted for being overheating very quickly. Many people translate this as the RAF Mustang being tested with its radiators closed, which in the RAF was the standard procedure for testing maximum speed of the plane(since most planes obtain their maximum speed with the radiator/cowl flaps closed to minimize drag).
So, like Karnak said, the said effect is (probably) already in the game. But its just not visually represented, such as once the 109 slats were in effect but not visually represented in the old AH.
It'd be cool to see working rad/cowl flaps. (but that would also mean rad/cowl flap control would be needed in the game)