The Gers gaffer has been a leader for fans to rally around during the Light Blues' off-field difficulties and steered his side to the Third Division title last term as they got their journey back to the top of Scottish football off to a winning start.
Ibrox No.2 McDowall has hailed his boss for going well beyond the call of duty when he had to stand up and be counted.
He said: "It's easy for me to say - and you probably expect me to say it. But what a first job to take. I mean, what a first job to be involved in.
"This game is hard enough when you are just picking the team and trying to win a football match.
"Ally has run this place for pretty much two years. And a lot of people are giving it him in the neck, saying he's got too much to say!
"Well, if Ally hasn't been saying it, who is going to be saying it? He's trying to keep supporters informed on what is going on at the place, while looking after the football side as well. And some day he'll get credit. He's not had anywhere near the credit that he deserves.
"This is the first time this has happened to any team, never mind a club of this stature. His credit will come some day.
"On the football side, he's done a fantastic job. Myself and the other coaches have all been together for a good spell now, we had a solid education under Walter (Smith), so we know what we need to do, football-wise."
It has been another turbulent few days at Ibrox, with three directors, including chief executive Craig Mather, resigning from the under-fire Gers board.
McCoist has remained at the club in the wake of several high profile departures and McDowall is delighted the Ibrox legend has been able to steady the ship.
He said: "In my opinion, I think it's a good thing [that Ally has always been there]. Continuity in any business is obviously a good thing.
"Other people might have different opinions, it's not for me to say. But personally I'm delighted that he's kept it going.
"I just think there has been that much happening. What he's done has been kind of overlooked, because tomorrow's newspaper will have something else, probably.
"There hasn't been the time to say: "By the way, he's doing a no' bad job there.
"I suppose the time to do it is at the end of a season, if you've achieved.
"Nobody is looking for pats on the back eight games into a league campaign."