I'm not exactly thermal engineer but engineer, yes. I think the flow rate has little relationship with temperature. Consider that a higher flow rate will give you a more uniform temperature all over the water circuit.
What counts is the thermal power of elements (negative or positive...). Say, if your WB pumps in 70W you'd better have a radiator which pumps out around 70W, or more.
One thing about low flow rate is, you gould quickly get a hot point in and after the WB. And you would not want water to boil inside it, would you ?
The higher the flow rate, the higher contact surface area you'll get. So you'll get more uniform temperatures around the circuit, and less 'hot spots'.
To make a long story short, consider that your WB/CPU interface temp has an inverse exponential relationship with flow rate. At low rates, a subtle variation in the flow will make big difference. At higher rates, it will make little difference.
With a single circuit (pump/wb/rad) and 10mm tubing you wont get much difference above 500l per hour... given you've got *real* 500 lph, which you'll never have. Mazes, turns and elevation all bring your flow rate down.
Thats it

I hope it was clear enough...