Cool plan....way different than I had imagined.
My question is why use the reservoir? To try to get all the air out?
I would say your pump is working much harder than it has to with the tubes going through the top. If your feed line, at least, came out the side(below the water level) there would be no air in the feed line to fight with. I found that air was one of the biggest obstacles. The other big obstacle was my waterblocks design. It's made for the fluid to pass very slowly and I had to open it up.