360 is a bit tight.
A 360mm X T45 AC gives you:
183 watts at 1250 rpm
204 watts at 1400 rpm
257 watts at 1800 rpm
You can download the spreadsheet calculators and get "all the math" / instructions here:
http://www.overclock.net/t/1457426/radiator-size-estimator
4690k = 130 watts overclocked
GTX 970 = 168 watts, 188 OC'd
GTX 970 (future) = 188 watts
total = 506 watts.
You want at least 60% of the heat handled by the rads for the standard target Delta T of 10C so that's 304 watts w/ 2 cards....191 with just one. So with 1250 fans you'd be OK for one 970....but short for two.
Here's what I would suggest:
Use a XT45-420 which for $5 more, gives you 36% more cooling
A 420mm X T45 AC gives you:
250 watts at 1250 rpm
278 watts at 1400 rpm
350 watts at 1800 rpm
For the $5, it seems the proverbial "no brainer" for 100 watts more cooling.
Before pulling the trigger tho I'd suggest you take a look at the Enthoo Luxe..... I can't say anything bad about the R5 ... for air cooling the two cases are close to a tossup. But the Luxe I find is much more conducive to water cooling...
1. The "attic space" for the top fans is very convenient... (BTW, you'll wanna use push for rpm below 1750 or so.)
2. The case comes with 2 of the 3 140mm fans you'll need and they are the best on the market atm.
3. It also comes with an included ($20) fan hub which you can use to control the fans automatically in response to CPU temps.....Fractals hub doesn't do that.
4. It comes with a reservoir mount
5. It comes with an anti vibration pump mount.
6. It comes with a 5 year warranty versus the R5's 1 year
BTW, I have two Alphacool Rads on my build .... screw protectors, 7 ports are features not found on many units. be aware tho, that they leave a lot of crud in the rads.... I spent 4 hours prepping the rads rinsing with acidic and base solutions followed by a week on DW before adding my engineered (Mayhems Red Pastel) coolant.
It is recommended that you clean AC rads with the Mayhems Blitz kit B4 adding your coolant.
Suggested parts:
FCPU is not open for bizness but they still have the best web site for finding what ya need
Alphacool XT45-420
http://www.frozencpu.com/products/16830/ex-rad-431/Alphacool_NexXxoS_XT45_Full_Copper_Triple_140mm_Radiator.html
Swiftech D5 Pump
http://www.frozencpu.com/products/16737/ex-pmp-203/Swiftech_MCP655_Variable_Speed_12v_Water_Pump_w_G14_Thread_Ports_Perfectly_Tapped.html?tl=c107s1802b33
Ek Supremacy Evo
http://www.frozencpu.com/products/19631/ex-blc-1444/EK_Supremacy_EVO_Universal_CPU_Liquid_Cooling_Block_-_Nickel_EK-Supremacy_EVO_-_Nickel.html?tl=g57c603s1912
EK-MultiOption RES X3 250 - Liquid Cooling Reservoir - White Acetal (6 Total Ports) w/ (2) EK Extender Fittings
http://www.frozencpu.com/products/21672/ex-res-677/EK-MultiOption_RES_X3_250_-_Liquid_Cooling_Reservoir_-_White_Acetal_6_Total_Ports.html?tl=g57c615s1940#blank
EK X3 Reservoir Multiport Replacement Top - White (EK-RES X3 - Multiport TOP WHITE)
http://www.frozencpu.com/products/18485/ex-res-481/EK_X3_Reservoir_Multiport_Replacement_Top_-_White_EK-RES_X3_-_Multiport_TOP_WHITE.html?id=4NiLmkLB&mv_pc=1254
Internal Tube 12/16 - 140mm (EK-RES-X3-TUBE-140
http://www.performance-pcs.com/catalog/index.php?main_page=product_info&cPath=59_1165_1162&products_id=36312
EK G1/4 Thread Fitting Extender - Nickel - 8mm (Fitting Extender G1/4 (Ni))
http://www.frozencpu.com/products/18760/scr-701/EK_G14_Thread_Fitting_Extender_-_Nickel_-_8mm_Fitting_Extender_G14_Ni.html?id=4NiLmkLB&mv_pc=1256
Here's a pic of the XT45 in the larger Primo case
That's the 250mm reservoir, that I linked to above .... now that I think of it, you'll prolly want something smaller
http://www.frozencpu.com/products/21673/ex-res-676/EK-MultiOption_RES_X3_150_-_Liquid_Cooling_Reservoir_-_White_Acetal_6_Total_Ports.html?tl=g57c615s1940