Jason, I have an idea I'd like to see tried, yet I have no idea when I'd have time to try it. It may be a much less expensive and easier implemented alternative.
Here's what I suggest: Using a old board and chip to make sure it's going to work before trying this on something you can't afford to lose. Why not stick a copper block on the cpu and silicone around it, then hook the peltier to it, then hook on your water block, etc. Paint the underside of the board with liquid electrical tape, then slowly pour melted candle gel over the board until it's level with the center of the first copper block. I don't think you'd want it too close to the hot side of the pelt.
It should seal the board from condensation permanently. If you wanted to spruce it up with LED's, EL-wire, or something, just use a screwdriver or other stick-like thing to push it into the gel while it's cooling.
I'd make a mold around the cpu to set the gel just there. Only drawback I can see is that you'd want the board to stay horizontal.
What do you think, is it worth a try?
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