CaptVos,
You mentioned water-cooling by wrapping pipes around the motor.
These are the pictures :
The copper tube on its own makes only line-contact with the motor and won't carry-off much heat. The sheet brass carries heat from the motor via solder, to the tubing.
Soften the tube, then bend it around your thumb to get gentle curves.
Soft solder to brass shim and use LOTS of solder.
Slaster some silicon (heatsink) grease on the motor for a good thermal contact.
Bind it tightly to the motor, attach water-supply and go, go, go.
For the water pump, I'll suggest my write-up on my website
http://www.purpletiger.com/geoff/model_boats/mistral/cooling_pump.MkII.html This basically shows how I modified an aquarium air pump into a general-purpose water pump.