Where on earth does the "90% rating" come from - the manufacturer? I'm quite sure I'm using the same intercooler as you (Frozenboost Type 10) and my real world testing put it at 75% efficient (effective, sorry Dougal). When combined with a large radiator (FB Type 117) that also tested to be 75% I ended up with an overall system effectiveness of ~56%. I figure that by adding a second radiator in series I can get the system up to about 70%.
For reference, the "off-the-shelf" Denco setup using a 4x10 barrel also measured 75% for the radiator but only 56% for the barrel, giving an overall system effectiveness of 42%.
All my testing is done in real world driving situations, though. We have a lot of mountain highways here and it is very common to spend several minutes at full boost and max EGT. Then you get a couple of minutes with low EGTs (~900-1000F) still close to or at full boost, then back to max EGT again for several minutes. Front mount air-air wouldn't suffer as badly from increasing water temperatures.
Personally, I wanted (still do) to push the water-air thing as far as I reasonably can because I like the city and offroad performance. I'm not done yet. I want to see how close I can get to the theoretical effectiveness of adding the second radiator and my goal is to get the whole system over 70%.
I don't view the icebox concept as a worthwhile investment of time since my truck isn't designed for 1/4 miles or the dyno. Regardless, I still have a hard time anticipating anyone having the ability to remove more than 80% of the heat relative to the water temperature. I'm still excited to see someone do it in a relatively simple way so please keep at it and share your results.