Yep but you'll get a better effective flow through your loop.
As for restricting the GPU loop, just use a Y splitter before, and use 3/8" for the GPU block (and NB block in series if you want). With a short 1/2" loop going to and from the CPU block, back to the 2nd Y, you'll get a shorter loop and far less restriction for the CPU. Hence no need for a valve...
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