I had much 'smaller' idea that I feel would've accomplished the same thing.
I would like to get one of the MUGEN (sp?) battery covers without the battery and put a fan in it. Then, when tethering, I would put the extended fan cover on, place the phone on it's face, hook up the power source for the fan (most likely USB) and then be good to go.
I haven't decided if the fan will suck air out of the phone, or blow air in. I think blowing air in would be the most effective, but in such a small area either way would work.
Or... how about liquid cooling?