I used a large reservoir prior to setting a radiator in my watercooling system. It was about 16 liters, filled with about 12 liters of water. it took about to 12 hours to warm up to it's max temp (about 41 degrees Celsius on an athlon 1200c @1466). So yes you can use a reservoir as long as it is big (the bigger it is the lower temp you will get).
A bong is an easy step up from a reservoir, I was going to convert mine, but the shower head I had bought was too poor quality, so I just decided to put a radiator in. The same water setup on the same processor at the same speed is now running at somewhere between 34 and 35 degrees at load with a radiator installed ( I think I need more air on my radiator, as I only have about 60 CFM running by it at the moment and I've seen similar rads with a recommendation for no less than 100 CFM).
I've heard bongs are even better than radiators, but if you want to take it a LAN party... or move it anywhere for that matter, it's a bit of a hassle.
I think copper blocks are slightly cooler, but if price is an issue get an aluminum, and make sure you have something in the water to stop corrosion (ie waterwetter or antifreeze [antifreeze reduces cooling capacity of coolant]). I'm using a converted aluminum heatsink for my water block. works great, looking forward to making another one.