With the CC rather than the IC you have alot of reliability issues to worry about. Pumps tend to wear out pretty quick. Water is able to remove heat better than air but of course your need a good enough flow rate and a good enough radiator for the CC in order to get the heat out of your water.
There are liquids out there with better heat extraction properties than water of course. Pace used to make quite a few CC applications so you could give them a call and see what they can come up with.