The most important reason for not using mercury vs. water is not visc. its Specific gravity. Mercury is by weight to volume inefficient. On the other hand if you take water and add a gylcol mixture to a 20% ratio you enable a better transfer of heat from the medium to the radiator. While inhibiting thermal gains from the pump.
To further improve Delta T across a radiator you should have the pump after the radiator with a larger inlet than discharge.
I do this for a living and have just started to look at trying my hand at cooling my PC this way. I'll post some Ideas soon.
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