While inrunners can be cooled properly with a water jacket, that should only be required if you are talking high power, highly loaded items.
If you choose the right outrunners and check that they are not being overloaded then you should not need cooling. A motor that’s running happily will get warm or even hot, but not to the point it needs cooling.
Sounds like some sort of 540. A standard 540 struggles to develop 40-50 watts or so, and the cheap 28mm brushless motors all seen to develop at least 80 watts, so some 1400Kv ones should do, on a 6-cell Nimh stick.
Ashley