That is a pretty solid OC for air cooling. BigBen is right, though. You should be able to drop your temps some with the watercooling. One thing to consider, though, is with your FSB so high you will want to use a chipset block as well parallel with your CPU block. I would also highly recommend putting RAM-heatsinks on it as well. I would definitely go with a stronger pump, as well. The Eheim 1250 that he mentioned is a good investment.
I would suspect that if you did all these things you may be able to bump your multiplier up .5x. Alternately, with your chipset cooled, you should be able to bump the FSB higher. To bump the multiplier, you will probably have to volt mod it as well.
www.overclockers.com has good how to articles on how to do that.
Don't expect tremendous results on straight watercooling from where you are. You can probably hit 1950 if you do it right. Any higher will require peltier cooling or phase change.
Yes, you will want your case fans to cool everything else in the case (and your radiator will require one or two fans). The nice part is that you can probably cut them from 12V to 5V and still do a good job, if your radiator is isolated from the rest of the computer (using a shroud or such).
I hope that helps, and good luck!
BTW: What is you typical ambient over there?