Shrimpy, if I understand it correctly, you'll be using water to cool the hot side of the TEC right?
Instead of the regular rad type setup, you could think about what's called a "Bong Cooler" that is a type of rad setup that can cool the water to below ambient temps, sometimes called an evaporative cooler.
It works just like a Port-A-Cool fan in your shop would, air passes through a sheet of water that runs over a structure that's setup to thin out or diffuse/spreadout the water stream as it is returned down to the pickup tube in the res and is recycled. Since the water is diffused into a wide thin sheet instead of just a solid stream, more heat is removed with the airflow going through it.
More efficient than a typical rad & res setup would be - I've always wanted to build one just to try it and might do it one day.... If I can find the time. One thing to be aware of is it's also an evaporative-type setup so you'll need to keep an eye on the water level of the res to maintain it or just hook up a small supply line with a toilet type float valve that will regulate the water level in the res as needed.
If you're going with a slushbox type setup, that would be better but just throwing an idea out there on my part.
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