Good summary, Sternjager II and all.
In general, yes but as long as the designer pays attention to the installation of an aircooled motor, the Cd0 is not necessarily higher. Look at the Zeke, Corsair, F6F Hellcat, or Focke Wulf series. All have average to below average Cd0 for the period. In fact very few inline installations approached the Cd0 of the Zeke.
Consequently there are inline installations that have much higher drag than radials.
Only when comparing dry weights. Add in the radiators and coolant and their is little to choose in terms of weight.
In terms of TBO, liquid cooling wins out. Temperatures are much more stable across the engine in comparison to air cooled engines. Air cooled cylinders can vary over 100 degrees in normal operation just from fuel metering alone.
http://www.liquidcooledairpower.com/lc-longertbo.shtml