First off, watercool the NB can be tricky. Your Mobo has no current WC block on it now right? You pull the massive air NB cooling block off to WC it, you lose the heatpipes to the SB and mosfets. You'll need to replace all the stuff, expensive. Have ya thought (you didn't mention) ghettoing a 80mm or so fan on the heatsink? I have used the Antec SpotCool on a rig or two, pretty cheap and is a great help.
It's just a real hassle once you remove the integrated NB heatpipe system. Adding a NB block isn't a big issue for heat if you decide to later, they don't add a ton of heat. Now removing the whole thing at once and redoing the TIM under the NB and putting it all back on has seen some improvement in temps, my first try and added NB fannage. Try fannage first.
So, you wanna cool a HOT Quad and overclock and a 4870x2? I'd think about this:
Get a quality 120.3 sized rad with quality HS fans, get a fan controller to turn them down for non gaming times. I just feel your close to max and the HS fans will give you a margin of error. Can you fit a Feser/XSPC/Thermochill rad in the front? It might be too wide or too tall. Or, you can hang one off the back of your case really easy. If it HAS to be internal, I have seen a MCR320 fit in the front.
Your gonna cut it close to stay as good as your best air temps but maybe it can be done.
Best temps:
Depending on your budget/noise handling remember this.
Feser/XSPC/Thermochill rads and Medium quiet fans, on silent when not gaming
MCR series for medium fans, almost as good as the above
BIX II series for max cooling and massive fannage. Forget quiet.
120.3 off the back of the case
120.2 as intake
Run a GOOD pump. Your 655 vario is fine. The 355 with the aftermarket XSPC top is nice, built in res and better flow rates. IF you run two rads it will add restriction (a bit) and having an uber pump and res in one is real nice. Not saying the 655 and a T-line for filling isn't a good budget solution.
Swiftech GTZ CPU block, nuff said. Others are as good, but this one rocks.
GPU blocks. I can link you to many threads about these blocks you chose. Not as pretty but awesome flow rates and built in standoffs and a great guy to work with. Get the Danger Den block. You won't be unhappy. And here is a link of why I won't buy an EK block as of now....., for your card for sure.
http://www.xtremesystems.org/forums/showthread.php?t=202674
So, we covered your min needs, my input on rads and pumps and blocks, rest is gravy.