Those are to run the thing - your final cpu temp would be roughly Tcold. You'll need at least a 0.08C/W system just to get below ambient.
Recalculating for a C/W of 0.15 you'd be at:
Thot = 85.15C
Tcold = 47.8C
Comparatively, a straight water system of 0.15C/W would give:
Tcpu = 25 + 100*0.15 = 40C
TECs are really only worth it with a decent cooling system. Just to note, TECs are only rated to Thot = 85C in general, so if your system can't manage 0.15C/w don't bother.

Something to note however is that C/W is not constant for a varying load - my water system has much better C/W with a high load than low. I assume it's because convection through the radiator works better with a higher heat delta.