I searched and found a few previous discussions on this site wrt the merits, or lack thereof, of annular radiators. One of these discussions had this attachment of a 1945 RAE report on an annular radiator installation on a prototype Tempest:
https://ww2aircraft.net/forum/attachments/napier-annular-pdf.674007/ .
Wrt vulnerability in combat it notes that
"As regards vulnerability in combat, the unique design of the radiator is valuable in that its face lies in the direction of a frontal attack, rather than at right angles to it consequently the matrix is much less vulnerable to this form of attack than the conventional type of matrix. The cowling design lends itself to a simple form of protection for the radiator collector tank. It can be produced as a thick light alloy casting or forging which forms an effective bullet deflector."
In that same discussion thread is also attached a copy of a Flight magazine article from 1946 where one can see the annular radiator installation. One can see how the radiator is slanted to better align with the airflow, and as a side effect also provides a smaller frontal area which the above quote refers to.
https://ww2aircraft.net/forum/attachments/napier-engine-testing-1946-pdf.247236/
That report also contains a comparison of the cooling drag of various radiator installations, with the annular providing substantially less drag than the chin mounted, leading edge, or the Centaurus powered radial engine cooling drag. In particular vs. LE radiators, it quotes another RAE report stating that
"Thus, we see that 8-9 sq.ft. of radiator would be required to keep the percentage cooling drag at all comparable with present day v[UNCLEAR]. The ring radiator installation is the only scheme devised to date which provides such a large radiator without unduly high tare drag". Indeed if you look at pictures of the Tempest Mk I prototype with the LE radiators, those radiators are rather huge and chunky and I can certainly believe they cause a lot of drag.
In light of the above I think I should revise my opinion above such that after a Mustang style radiator installation, my second preference would be the annular one.