I think it could handle 12kw for 4 seconds. That's not long enough for it to overheat.
Lowell showed us that handling 60 amps is no problem, at least for short runs.
It would guess the next weakest link are the phase wires where they pass through the axle. At high current, the insulation might melt. High temp insulation (teflon) might be good here. Ventilating the side covers might be a real good idea too. This would help prevent moisture build-up inside. The vent holes should probably be covered with something that will keep particulates out, since there's plenty of rust and other road crap that would stick to the magnets if it got inside. I was thinking something like landscaping cloth or very fine screen might be good.
100v rated FETs can handle over 100A, but when you jump up to 150v rated FETs, I think you'd be limited to 35 - 40 amps by heat dissipation.
Additional cooling (fans, cooling fins, etc.) could boost that a bit, but I think the FETs will blow at around 40 amps regardless of cooling. We need better FETs. At higher voltages, most commercial controllers go to IGBT's. IGBT's have a higher inherent voltage drop and power dissipation, so a bigger heatsink is usually required.
You can find industrial surplus IGBT modules on Ebay and from some surplus places. Three of them could be used to make a controller. Here's one from Ebay:
IGBT CM300DY-24H Blocks
Rating: 1200V 300 Amp
Used In Good Cosmetic Shape
Disassembled Equipment
Datasheet: http://www.pwrx.com/pwrx/docs/cm300dy24h.pdf