Seeking shopping list recommendations

Since you guys helped me get my CPU temps under control (http://www.ocforums.com/showthread.php?t=494089), I thought I would get some help moving to water. I have never done watercooling before, so I could use some help in identifying all the parts I need for my loop.

Current Setup:

CPU: QX6700 (cooled using Tuniq Tower w/ AS5)
GPU: Single 8800gtx
MB: Intel Bad Axe 2
Mem: 2x1gb PC2-8000 Crucial Ballistix
PSU: 850W Silverstone Zeus
HD: 1x74gb Raptor, 2x300gb Maxtor

Current Temps: ~45C idle, ~66C under load.

Budget: $250 - $450.

($250 has been wife-preapproved. I am sure I could get $350. I could _probably_ hit $450 if I beg enough)

Current Shopping List:

Cpu block: New Swiftech CES block (or Swiftech Apogee) - $50
Gpu: EK-FC8800 GTX full cover waterblock - $120
Pump: MCP355 w/ Petra Top and EK 1/2" barbs - $100
Rad: Undecided (MCR-220? BI-GTS 240?) $50
Reservoir: Swiftech Micro reservoir: $20
Tubing: 10ft Tygon 1/2" ID (3/4" OD) - $30
Clamps: Worm drive clamps - $5
Fans: Yate Loon 70CFM fans - $12
Total: $387

Does this sound like a reasonable setup? Here are a few specific questions:

1) Is a 2x120mm rad is sufficient for the heat from both a quad-core and a 8800GTX? My case does not have room for a 3x120mm rad, but I do have room for TWO 2x120mm rads.

2) Are 70cfm fans sufficient? Should I be looking at higher airflow fans?

3) Is the MCP355 w/ Petra top overkill for this setup? Should I be looking at a MCP655 instead?

4) Are the tubing diameters good? Should I go with smaller diameter tubing (either ID or OD)? Is the Tygon a waste of money?

5) Is there enough of a difference between the Thermochill PA 120.2 and the ones above to justify 2x the price? Should I skimp on other things (pump/tubing) to go for the Thermochill rad?

6) Is the 8800GTX waterblock a waste? I really like the look of the thing, but if its a useless accessory I can dump it.

Thanks very much for any input!

Hi, I'm still a newbie in WC but I'd probably go with the mcr320 since your doing cpu + gpu. My case didn't have any room for a rad inside so I have it on top of the case. Kind of prefer it on the outside anyway. Yes to 1/2" tubing. I have the Tygon 3/8" so I can't comment on another brand but alot of ppl here like the 7/16" Masterkleer. Another I've read here was Clearflex but heard that tends to cloud. Both are alot less expensive than the Tygon. Fans, Yate Loons are good but you don't need the 70CFM, the 47CFM ones are good for that rad. I'm using Papst 4412fgl. You could go with a "T" and save on the thr res. What about the mcp655?, already has the 1/2" barbs.

With your budget I would also suggest a Thermochill PA 120.2 or 120.3. Also I am sucker for neat res's, and the micro res is ok...but so many neater looking ones out there. Just my 2 cents.

Other than that your set-up looks top notch.