remember one thing... (heat in) ==== (heat out)
no matter how many stages of liquid or whatever you have in between....
direct heatsink cooling a TEC is the most effective way to do it, it just is not the most space convenient or bank-balance-friendly way. if you have the space to slap on a heatsink with the surface area of a small heater-core, you will beat a liquid-chilled setup,and that heater-core all the way to the moon. I can theoretically guarantee you that
that setup looks kinda ok... that outside heatsing looks however still way too small...