I'm not sure if collecting lost coolant in a bong setup would be a good idea. I've never built a bong before, and don't plan to (not a computer one anyways), but if all of the cooling comes from water evaporating (which absorbs a lot of heat), then condensing that water back to a liquid and collecting it will just put the heat right back into the system again. This is why there is a rad on the newly liquified coolant in a phase-change setup.
Unless you are collecting the evaporated water in a separate res and using some other method to cool it back down (eg. a rad) you're not really getting any overall heat dissipation out of the system, you're just moving the heat around inside the system.
Hmm..., now I'm getting other ideas, this could get complex.
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