If you want increased performance then accepted practice is using an inline pump before the rad. This way the pump adds less heat to the water and the gets rid of it before it reaches the CPU. I have my reservations about this as the heat output of the pump is negligible compared to the CPU exept when idle, when it doesn't matter.
If you want decreased chance of failure and increased longevity then the accepted practice is to use a submerged pump after the rad. This way the pump has less chance of overheating itself and the water is cooler in it. However, pumps that are sold as inline and submerged are sold that way because they are reliable in those positions, and water temp shouldn't get too high anyway.
To make a long story short it's really down to preferance. ;']
Edward
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