As a matter of fact it is
I've been experimenting a bit the last couple of weeks with a friend's custom loop and doing some research - he's definitely on a budget. He's got an old 45l jerry can for a reservoir/radiator, a central heating pump for a tenner, and some generic garden hose (which kinks, enjoyably). Not sure what waterblock. What's funny though is the level of gunk in the jerry can. It'd been thoroughly washed out repeatedly, but we opened it up at the weekend to properly look at temperatures and

Huge amounts of precipitated 'red lead' or whatever it is they use to keep the cans from rusting. Slightly more worrying was that some of it'd gone through the sock he was using as a filter and was coming through the system, he may need a new waterblock soon!
The waterbutt idea sounds like a good plan, but I'm on the 3rd floor so I'd need a reallly long pipe! Have you considered drilling a couple of holes through the wall? Might be a bit drafty, but no security implications, and frost (and snow) could be safely ignored by keeping the pump on 24/7, although condensation might then become an issue.
The Apache is 26.4mmH20 static pressure (and 57.53CFM).
Found a spec sheet for the san ace 120 38mm: 36.83mmH20 so yer that's quite an improvement. 64dB(A) though, vs 16.05dB(A)! Not to mention there seems to be minimal availability of these fans, unless you know where to look? I think the Apache's are better at home, the San Ace could be good in a server environment though.