I think that^^ is what the waterblock fan is for. Its not there to cool the block, its just there to push air across the chipset coolers that sit around the CPU and rely on the CPU fan for airflow to keep them cool. A water cooling kit without a block fan would look at lot cleaner and would keep the CPU cool, but that's not a lot of good if the chipset it sitting with no airflow and slowly cooking itself to death. This setup does address this problem to a degree and it does mean the first time water cooler won't kill the chipset before realising they've taken away all the coolin. However, the best solution would be to fit independent air or water cooling to the chipset so it doesn't have to rely on any sort of fan mounted on the CPU. This would also run the chipset cooler and should mean better results when overclocking.
As an extension of the Galaxy system, how about board specific kits? It shouldn't be too hard to put together a kit with the necessary heat sink adapters to cool the CPU, various chipset components and so on to suit each specific model. GPU cooling obviously could not be included as part of the kit as there are too many variations, but separate add on kits should be possible. Complete kits like this would be good for those who have a congested case and struggle to get decent airflow to the chipsets, GPUs and memory as it would mean there would be a low risk of forgetting an essential component and allowing it to overheat.