The heated air will not remain huddled round the reg/rec even while the bike is stationary. It will try to rise and will disperse due to convection and the principles of Brownian movement. At a given surface area, the reg/rec will not be able to get any hotter as the increase in temperature gradient will cause an increase in the rate of heat transfer.
The same principle ensures that aircooled engines don't just get hotter and hotter whilst in traffic. Eventually they stabilise. It may feel uncomfortable to you but if the manufacturers have done their sums right there will be no detrimental effect to the engine.
The main reason these things fail is probably more due to under-specification of components by the bike makers to save money. They fail when they get hot because the heat is an indication of how hard they are working.
Extra cooling can do no harm, heat is generally bad for electrical components. But if your reg/rec needs to be hung in the breeze to avoid premature failure, then it wasn't very well made in the first place.
I've had Electrex reg/recs on both of my GS's for some years now with no problems, and they're in the standard position hidden under the battery box (750) or behind the side panel (1000). They are much more heavily finned than the standard items and I would be willing to bet they use much higher grade componentry.
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