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^^ agreed. Distilled water and a little bit of anti freeze type product.
Th enice thing about making your own coolant micture is you can choose what dyes if any you want to use.
As for LCD monitors, There are some, but they are pretty expensive. There are some LCD readout screen you can get that are much cheaper thogh. I personally have never used one though.
Of course there will be damages to equipment if your loop leaks. This is why you perform a leak test before you actually turn on your computer. As long as you pay attention to your loop and perform a good leak test...you should be good.
Actually, a lot of people survive leaks remarkably well. A leak does not by any means spell death. Any fluid becomes more conductive over time as it leaches metal from the blocks. Don't waste your money on expensive "non-conductive" fluid. It becomes conductive too and is no guarantee against damage either.
Best IMO is distilled water with a very small amount of algecide (a small bit of radiator fluid will work too). I've used NOTHING but distilled water and a small splash of rad fluid for the past four years in my loop with no issues.
Monitor the temps and you will quickly learn if there is no flow.