A waste of time and money in my opinion.
There is no better coolant than water, nothing comes close to removing heat as efficiently, so to remove that from the coolant is a step backwards to me. In regular antifreeze/coolant the water does the bulk of the cooling and there are corrosion inhibitors to prevent corrosion, and glycol to prevent freezing.
Water based coolants also boil, this is a good thing. As a boiling coolant system is showing that there is a problem that needs to be addressed, if the coolant does not boil there is no warning sign (other than a temp gauge) to let you know there is an issue and further damage can be caused.
Many race cars these days just run water and a corrosion inhibitor, they are not worried about freezing so no glycol needed. This is the most efficient way of removing heat. Waterless coolants are glycol based and no where near as efficient.
Cheers,
Guy.