you are right, but once you start getting into Nusselt and Reynolds #'s and stuff people tend to gloss over even more then what most probably did at my math there. You can assume its somewhat linear for the flows we are running at. If i pulled out my books you can show that reducing the flow rate by half kinda kills your heat transfer efficiency by about that much too provided you aren't doing anything weird by changing into a different flow regime within the block.
And lol, i have no clue how i came on and looked at this thread right as you were writing this. As for local fluid velocity, that more a function of the flow path of the block and pretty much all gets rolled into the efficiency correlations for the heat exchanger you are looking at.
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