No, agreed, don't throw it away. I don't know anything about the Magnums first-hand. Do you have any control over LED intensity? If so, do the fans ramp up & down along with the lights? Perhaps the simplest, cheapest work-around would be to give up on the highest intensity(ies) and just run it low & slow. I know, that's not a satisfying answer.
Another thing to do is tear into the Magnum and see if everything I said (or some of it anyway) is wrong. Maybe there would be noticeable improvement with better quality fans. First off, I'd suggest getting one of those little IR heat-sensing guns and mapping out how hot (and where) the Magnum gets. Are the Magnum fans just run-of-the-mill PC fans? Do you know anybody who likes to repair computers? Most guys who mess with PC's end up with a box of fans layin' around.
Or maybe you could blow lots of air across the Magnum with a small room fan and slow down the Magnum fans with resistors or small fan controllers. That would definitely void the warranty...