Not quite, the time issue is correct (ie: that time spent in rad is completely irrelevant), but more restrictive can beat less restrictive for other reasons - we all know dualpass is more restrictive than singlepass for instance, but in which case how could a dualpass rad beat a single pass rad if all other variables the same (ie: BIP vs BIP X-Flow - BIP generally wins over X-Fow variant)? Answer - Dualpass = more flow turbulence. Turbulent flow tends to mean more for cooling performance than laminar flow... because singlepass loses out on flow turbulence, it requires higher flowrates to match an equiv dualpass at lower flowrates... see
http://www.over-clock.com/articles.php?action=show&showarticle=21
There is no clear cut "singlepass is always better than dualpass" way of looking at it etc.