I'll be the odd man out here.....
I AM using a tank type cooling system on my Listeroid 6/1. Simplicity, durability, and that's what was available (remote area).
Tank is not a drum, but an old 30 gallon boiler tank. The top is not open, but it is vented to atmosphere. 195 degree thermostat at the engine . I have not had to add any water in about 300 hours of run-time.
I use a mixture of water and automotive anti-freeze, and IMHO that is the biggest drawback of the system.....cost of the anti-freeze.
A normal battery charging run (daily in winter)of 2 hours heats up the top half of the tank, a 4 hour run in summer will heat the whole tank, but still not too hot. A hand on the bottom of the tank won't be burned. We are in a North Pacific climate, so summer outside temperatures are rarely very hot. Since we're in a remote location, extreme simplicity is key for us.
No fans, no electrics, no small tubes, tank is not susceptible to vibration damage. Dead simple, and works well for me.
Probably will use same cooling system on my real Lister, though will use a nice 20 gallon brass boiler tank that I have on hand.....unless an old cast iron radiator can be found.
Cheers,
Hugh