Adiabatic and overall effectiveness levels were measured in a closed loop linear test section using an inlet Reynolds number of 120,000 for an airfoil model at its designed inlet angle of −30.1°. Two models were used in the study — one made of a low thermal conductivity foam, and one of a higher thermal conductivity material which allowed for the Biot number of the second model to match that of the engine component. Since the ratio of the external to internal heat transfer coefficients were also matched to the engine component, the second model was thermally scaled to the actual engine component, allowing for the measurement of the overall effectiveness of the airfoil. The effects of the internal and film cooling on the overall effectiveness were examined in detail. The cooling configuration consisted of 9 rows of shaped holes, with 5 rows of conical shaped holes at the leading edge, one laidback fan-shaped gill-row, and three laidback fan-shaped holes positioned farther downstream. Furthermore, the model contained three internal coolant passages including an impingement cavity and a serpentine passage. The internal passages were lined with internal rib turbulators to enhance the internal heat transfer coefficient. This study had two main goals. First, assess the performance of a fully-cooled airfoil with shaped holes through measurements of adiabatic, internal, and overall effectiveness levels. Second, examine the effects of shaped holes and the utilization of a conduction correction on the capability to predict overall effectiveness with a simple 1D model. It was found that although the large spacing of the holes in the showerhead region produced low adiabatic effectiveness levels, the through-hole convection and impingement provided adequate levels of cooling, resulting in relatively uniform overall effectiveness levels. It was also found that although the shaped film-cooling holes have a significant effect on the 3D conduction throughout the model, the overall effectiveness is still well predicted between rows of holes, but only when a significant conduction correction to the adiabatic effectiveness data is applied. This study highlights the necessity of applied conduction corrections to adiabatic effectiveness data collected with IR thermography, highlights the use of shaped holes in the showerhead region, and confirms the utility of 1D predictive models for overall effectiveness, even for models utilizing shaped holes.