Hi Ronsmith,
Your 40 gallon water tank will thermosiphon just fine with the manifold plate.
My original design for my engine was exactly what you are attempting. I ended up going with a radiator when I realized I was going to need to buy 20 gallons of antifreeze to fill my collant tank.
Here is a diagram showing how I hooked up my thermosiphon on my Chanfa 195:
In my case, I have two thermosiphon loops: one for the radiator, and one for the WVO preheat. Ignore the WVO tank.
Notice how I have the dip tube (cold return from the radiator) at far right towards the crankshaft. This is because the hottest water is towards the head. I have seen serveral examples where people hook it up the other way around, but I feel that I get a better thermosiphon this way.