Not sure if the danger there is any different then oil coolers mounted right up on the front bumper but I saw your point after I did some cardboard mock ups last night trying to figure out a better solution.
I have the late plastic fuel tank so I can remove the spare tire well which would make a perfect place to hang a cooler into that void and in some air flow. There aren't really many other alternatives if you leave the well in place besides what I found pictured below. What I don't like about that setup is that it places the cooler right next to the hot muffler (which I have a larger muffler then most).
One last COA that I've also seen before is to mount the cooler on the inside of the license plate area between the tail lights, then do the same NACA ducting from the passenger side quarter window. Then you just need to make sure you protect the lines, etc. accordingly based on what the CCR says.