Welcome to the forums.
I am a proponent of air.
Noise, whether air or water, will depend on how air you need flowing through the heatsink or radiator. So that's a wash.
Air is safer and more convenient. Water is better at removing heat from a case.
If you are going to use water, I recommend that you install a GFCI wall socket for computer power. If it detects a leak, it will trip very fast.
Components - I cannot judge.