No logical reason to watercool. Have you read others running their PSU fanless and it was ok?
Water cooling the PS3 isn't logical unless you need more headroom for overclocking. You aren't going to benefit from overclocking it, so by watercooling you increase the maintenance necessary, increase the risk (mistakes could be made), and there isn't much upside.
If I were to try it, I'd address the PSU overheating concern by using a thermal probe to read the PSU temps with the normal fans under heavy gaming conditions - I'd poke around finding the hottest area inside, then I'd read from that point going forward. This is dangerous, and not recommended, because opening and sticking things in a PSU can kill you - there are big caps and wires and traces, touching the wrong thing can enable a discharge and your head stone reads "Should have stuck with air cooling his PS3". So getting back to reading temps, reading from the hottest point with normal fans gives you a baseline - that temperature can be considered safe. Then when you do watercooling without cooling the PSU, you can see how much hotter the PSU gets, and decide how comfortable you are with that, guessing when the PSU may or may not go poof. The hotter it is above baseline, the shorter it will likely last. A little warmer, it will probably run like that indefinitely. A lot warmer, and it might burn itself out more quickly.
Overall, it could be a fun project, but unless you are well versed with electronics, you really shouldn't mess inside PSUs. Without messing inside the PSU, there is no way to say for sure how the thermals change when trying to passively cool the PSU. Best thing to do may be to find someone else who ran their PS3 PSU fanless and was fine.
By the way, I know a decent amount about overclocking and all the hardware in PCs, but I don't mess with PSUs. I like being alive, and despite what I know, I don't know enough to not fry myself on a PSU.