What about submerging in distilled water? Would that remove heat faster than mineral oil?
Probably would, I'd be interested in discussing the fluid dynamics with a boiler engineer.
On a side note, while BFL is in an odd place I am offering to fix broken Monarchs for free. Pass the word on (yes, I'll even fix that blown up single, you probably just shorted a chip on one side). Details here:
https://bitcointalk.org/index.php?topic=759398.msg8948417#msg8948417