Not sure what you mean by "or a 120mm fan."
Do you mean liquid vs air cooler?
Also, unless there's a big price difference you should get the i5-4690K so you can overclock (requires an overclockable motherboard though).
Either way, the Noctua NH-U12S cooler is my recommendation. I just built a PC for my dad using the i5-4670K which runs slightly hotter and it's dead silent in normal operation (I know as it's sometimes the ONLY fan running in the entire computer). Under load it's not very loud especially if you weren't overclocking. I guarantee all liquid coolers are louder since the PUMP always runs, plus they fail more on average and your PC can't run without a pump.
Other:
For the R9-290 I strongly recommend the Sapphire Tri-X version. My second choice is the Asus OC version. I did a lot of research and some of them run too loud.
LINKS:
Sapphire R9-290 Tri-X:
http://pcpartpicker.com/part/sapphire-video-card-100362...
Noctua NH-U12S:
http://pcpartpicker.com/part/noctua-cpu-cooler-nhu12s
(make sure the fan control software for the motherboard is installed and configured)