In theory the louvers would be more efficient because the heat itself can rise up and out even with little help from the fan.
But I believe (though I've never measured it) the area of the wheel well ventilators is larger than most louver setups, and with the fan moving air under there can push a lot of air out that part of the compartment.
A good trick is to lower the heat that's generated of course. That would be to either use a ceramic coating or heat wrap around the exhaust manifolds or headers.
If headers, there seems to be more heat released right there at the engine compartment anyway. That could be just imagination, but there is more exposed area of tubing on a header than there would be on a cast manifold, so that could be why it feels hotter with headers.
Another air flow trick is to block the gap between the grill and core support with shielding of some kind. You can make your own as testing, or get something like we sell such as these:
WH Air Dam & Tool Tray to better control the air flow through the radiator and out the back.
Of course, the usual suspects of a good large fan and a good full coverage shroud, are naturally part of the equation.
Paul