Is this a good Watercooling setup?

[AFK_Matrix]

Hi,

Ok want to try and watercool the rig in my sig and after much searching and reading this is what i have:

Cpu Block - Swiftech Storm G4
GPU Block - DangerDen Maze4 Acetal Top ONLY (1/2") - inc ATI & nVidia Mounting Kits
Chipset Block - DangerDen Maze4 Chipset DFI Expert (1/2")
Reservoir - DangerDen Bay Reservoir - 5.25"
Radiator - ThermoChill PA120.2
Pump - Danger Den DD12V-D5 (1/2")
Tubing - 1/2" ID Tygon R3603 Tubing
Water Additive - Not sure on this which is best?
Water Dye - Not sure on this either just want it to be blue

Now the only thing i need to check with you guys is the Chipset Block, I thought it would be a good idea as the dfi fan is quite loud, but am worried that the graphics card is gonna be in the way so won't be able to fit a block. Is the block I have chosen a good one?

Also could someone explain if i need a reservoir and what they actually do??

Is there anything I have missed or that needs changing?

Thanks

 

[AFK_Matrix]

Thanks for the quick replys and advice.

Here are the revisions:

GPU Block - DangerDen Maze4 Acetal Top LowProfile GPU Block (1/2")
Water Additive - Still need advice I have no clue
Water Die - Still need advice I have no clue
Fans - I have a 38mm deep Panaflo FBA12G12L already should i get another or which fans are best?

Ok taken the chipset block out. Can't find 1/2 inch Masterkleer tubing anywhere, found 7/16" though?? Think I will keep the reservoir for the time being may remove it later.