Water cooling is not a requirement for overclocking. A decent air cooler will go a long way.
Cryorig H7 > Hyper 212.
Overclock on air, learn your limits, work slowly and methodically, and have fun.
Now if you're looking at water cooling simply for the looks and potential quietness such a system can bring, then I wouldn't be so against it. Regardless, no budget water cooling solution is going to be very good or trustworthy. Leaks will be common, and the fit/finish would be worrisome. When it comes to custom water cooling, throw any budget considerations out the window and splurge, or don't do it at all.
You could consider the EK predator AIO + GPU block addon.