Watercooling 920 and 5870

Hi! I am new to watercooling and after reading quite a few forums and online guides I had a couple questions.

I am going to be building a new system with these specs:
ASUS P6T Deluxe V2 Mobo
Intel i7 920
Ati Radeon 5870
2 x raptor hdds
1600 DDR3 Corsair Dominator (3x2g)

and I decided to venture into watercooling with this...The equipment I was looking at buying for this was :

-Swiftech MCP655 12 VDC Pump
-Swiftech MCR320 (120.3) or two 120.2's
-Swiftech Apogee GTZ (CPU waterblock)
-still looking at current reviews for GPU coolers (most likely going wiht DangerDen or EK )


I was thinking of using one of these two loops for just my CPU / GPU:

Res - pump - rad - cpu - gpu -back to res

or

Res - pump - rad - cpu - rad - gpu - back to res

would these loops work? would they be efficent and keep a decent flow rate?

Also, I was wondering if I needed to add any watercooling for my ramm or motherboard, like chipset / NB/ SB/ Voltage reg or if that would just be overkill.

Thanks in advance to anyone that posts and I am truely sorry if your IQ dropped while reading this!