To be honest, why replace something with what works, and has worked for decades?
Pure water is gonna have the highest specific heat for a coolant (as far as I'm concerned), and since that may corrode the cooling system over time, the anti-corrosive additives in coolant is probably the best thing for engines.
Plus, like cossie said, once the engine reaches operating temperature, it's gonna stay there, due to the thermostat. Of course, if you track or anything of that nature, the heat will go above the T-stat level, but that's bound to happen to any liquid.
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