I'f i'm understanding you correctly your cooling system, from the cpu up is: mother board, cpu, water block, peltier, heatsink/fan? If thats the case I have to ask..... why not do: mobo, cpu, peltier, water block? That will cool the cpu significantly better, and if it's running that hot to begin with you shouldn't have to worry about it getting too cold (for condensation/frost). If you do that order a cold plate between the cpu and peltier would also be a good idea.
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