On the front straight at Seattle, my highest IAT recorded were 118 degrees on a 89 degree day at 172mph. On that day, my coolant temps were over 240. I did have Prochargers upgraded A2A though. On a comparable day, the IATs on my 07 GT500 with a small pulley was just over 200 degrees. Either way, both cars were pulling timing and losing HP. My 08 GT because the coolant temps were high and my GT500 because the IATs were high.
For drag racing, I would rather have an air to water. In that arena, cooling the water in the pits would be very beneficial. An air to air doesn't work well for drag racing because as we know, you need air speed across the intercooler for it to work. By the time the intercooler cooled the air, the run would be 1/2 over.