Well - the leaking and maintenence things kinda go together. When I got my water-cooling together for the first week I left the side-panel off my computer so I could constantly watch it for problems. Now I pretty much just ignore it like I would a heatsink.
Portability shouldn't be a problem as long as you design it all inside your case.
Freezing shouldn't be a problem even with straight water. Yes, I live in Canada too and it gets to -40 where I live as well - though not very often. (btw - at -40 is where Celcius and Farenheit cross, -40 is the same in either measurement). Don't leave your computer outside for a long period of time and it will be fine. Water-cooling isn't the only component in a computer that doesn't like to be cold - especially monitors and HD's should be allowed to reach room temp before you power them on if they are very cold - so when I am going to a LAN in the winter, I start the car and let it warm up while I'm packing my computer up in the house. When the car is good and warm I carry everything out to it quick and it stays warm inside the car. With the case closed and any fans not running the air inside your case (large block of dead-air space) will be a fairly good insulator for your water - it would take at least 5 minutes at -40 for it to actually freeze. If you're really worried then antifreeze will solve your problem, but it will reduce the ability of the coolant to cool the CPU somewhat. But if my car can sit outside in -40 and not freeze solid when it's full of antifreeze then a computer can too.
Also - interesting cold weather fact for all you warm climate people. At -50 C if you throw a cup of water in the air it will freeze before it hits the ground. Of course - 1/4 of it will evaporate before the rest freezes (air is VERY dry at -50 C) which will cool down the rest of the liquid (think phase-change cooling of the remaining water), and what liquid there is when thrown will spread into hundreds of little droplets - lots of surface area to cool down on/evaporate from. Also, I believe that at -40C if you go outside, exposed skin will freeze (frostbite) in 30 seconds.
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