My yacht has keel coolers installed, approx 1 inch diameter pipes in a set of three. Works fine, the setup is 29 years old and still working no problems. My mechanic said he sees a lot of keel coolers on fishing boats.
Note that I still have a raw water inlet that cools the gearbox and then is injected in the
exhaust manifold. The manifold had to be replaced a couple of years ago, however I would'nt expect much more than 5-10 years given the combination of hot gases and seawater. This also supplies water for the washdown, generator and sink.
Disadvantages are more maintenance with scraping / sanding down the pipes, priming and painting. Can be difficult reaching the top of the pipes and I guess they will eventually wear out and need replacing. Never thought about the drag from the pipes, however my boat has a sail area of 1,011sq ft (SA/disp of 17.2) and a 98HP diesel so reaching hull speed has never been an issue / concern. Also compared to the drag from my keel it is probably pretty minor
Found this photo that shows the pipes.
