The converter does need air,my oem Wfco 55 amp failed a few years ago,it was laying in the enclosed panel behind the power panel box loose and flopping around... virtually no air flow and ran alot.
I replaced it with a 65 amp Wfco and relocated between the enclosed panel and basement partition board (toilet/lav plumbing area) and mounted it on 4 rubber groumets,it now has plenty of air flow around it and under it.
The existing cables were long enough to reach the new location and its easily accessible now by removing 6 screws.