Be careful with the H80. It has a thick radiator and when you add the 2 fans it becomes quite large. If you think you have got the room then go for it, but I would suggest considering the Antec Kuhler 920 instead, since the hoses on it are much more flexible.
Honestly, if you're just looking for a cheap cooler that works, then consider something like the CoolerMaster 212
Yeah, that would work fine. Just remember that a water cooler dumps the heat ouside of the case while a air cooler dumps it back into the case, so make sure you have good exhaust in your case.
I've read reviews on the V8 and it seems to work pretty well.
I currently have a HAF-922 case with my Corsair H80 mounted at the back near the top, so it dumps heat outside of the case via the back fan slot. However, I also have several fans near the bottom to feed cooler air in - and because heat rises I also have a 200mm fan at the top to help vent it out.