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my 2 cents - be very careful the type of blasting used, it can be almost impossible to clean good enough afterwords for surfaces exposed inside the engine.
I would not coat parts other than the fan and maybe the fan housing. There are a number of threads around here re. coating the fan. I had my fan and housing coated with urethane clear about 8 years ago, looks good at this point.
I doubt the heat dissipation will be significantly affected. There are times you want heat kept in - e.g. during warm up.
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Sold: 1989 3.2 coupe, 112k miles
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