Both can be a limiting factor. You are right, the trick is to "balance" the cooling system. Increasing the coolant flow rate will lower the radiator inlet temperature but raise radiator outlet temperature. There can come a point when the temps are so close together that it doesn't help the system. The major players when it comes to cooling are:
1. surface area across the radiator
2. air flow
3. coolant flow rate
4. specific heat of the fluid used.
To improve #1, you have to go to a larger radiator
To improve #2, you have to either ride faster, use a fan, or use shrouds that force extra air into the radiator fins
To improve #3, you have to increase the flow rate by a beneficial amount
To improve #4, you have to use a fluid that has a better specific heat than water/coolant mix. This one is difficult to change.
Right now, I am addressing #3. When I get time, I will move on to #2
With all of the rough cast surfaces in the clutch cover and cylinder jug, I see a lot of room for improvement to flow.
What do we believe is the limiting factor here? Is it the speed of the water or the capacity of the system?
How do you calculate the optimal flow rate to dissipate the maximum amount of heat? I'm no engineer which is why I ask, sure is an interesting subject though