I think the bottom line is that the typical radial engine does not discipate heat with a high degree of efficiency. Thus, cylinder head temperatures can rapidly rise to levels where engine oil breaks down and essential lubrication fails. On the other hand, the typical fluid to air heat exchanger is far more efficient and is able to discipate heat much better.
One reason you don't see cylinder head temp gauges in liquid cooled aircraft is that water temperature tells you everything you need to know. Head temps can't rise any higher than the fluid cooling them. Heat is transmitted through the heads and block into the ethylene glycol, which is pumped to the heat exchanger (radiator) and then back to the engine (just like your automobile).
Running high boost in liquid cooled engines has its risks as you can burn valves, melt piston crowns and over-stress connecting rods, wrist pins, melted spark plug electrodes and the like. As long as the the cooling system has the means to remove heat from the block and heads, there is usually no danger to the engine. However, one can increase boost to the extent that the intake charge intercooler and radiator can no longer maintain acceptable temperatures and damage will eventually result. I've seen fluid bath type intercoolers used for turbocharged drag racers. These are more efficient than fluid to air over a short time span, but rapidly become heat saturated. Ok for the short period of operation required for drag racing.
Most radials used in high performance fighters used intake charge intercoolers to lower the temperature enough to improve power (a cooler charge has greater density) and keep cylinder head temperatures reasonable . However, radials almost always operate at higher temperatures than liquid cooled powerplants. This is normal and accounted for in the engine design. Radials depend more on a cool supply of oil as the oil greatly helps carry heat out of the engine. For example, the R-2800 installed in the P-47 had an oil tank with a 28 gallon capacity, while the P-51 tank held just 12.5 gallons. Since oil is more important to cooling a radial than it is for a liquid cooled V-12, the engine must hold a greater volume of oil and that is reflected in the size of the tank. Radials are also more prone to leaking oil... Another good reason to make sure there's plenty onboard. I can't count how many pushrod tubes I've repacked (replaced seals)....
My regards,
Widewing