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I would think that Black would act like an Insulation, and keep the engine warmer. I would think that "light" colors such as white would keep the engine cooler!
If you painted your engine white, it might seem cooler to the touch on the outside of the block; however, below the paint layer, the engine will actually be warmer. This is because black absorbs the colors of the light spectrum including infrared (heat) and white reflects it. If an engine was painted black, the heat from the block will be absorbed by the black in the paint and brought to the surface where it can be dispersed by the cooler passing air. Some black paints will conduct heat better than others; however, the thicker the paint, the more it acts as an insulation. Probably the best way to rid heat from a block would be to have no paint at all; just bare cast iron, but that wouldn't look all that great. I would rather settle for Chevy orange than nothing at all... well, maybe not.
Rezvani's Latest Post-Apocalyptic Monster Is a Ford F-150 Raptor Underneath
Slideshow: Called the Fortress, the 850-horsepower pickup combines Raptor underpinnings with military-inspired features, survival equipment, and a starting price of $285,000.