Why not? Flipped it around, used the rear fan as a direct intake since it was so close to the heatsink and another 2 up top to exhaust it efficiently since hot air rises. 29*C ambient, 31 idle, 55 max - 3770K at 4.2GHz. Cost me $35. Can your AIO do that for the same price? And have fun when the pump eventually fails or it starts leaking onto your prized graphics card.
What kind of plumbing are you talking about? All AIOs have permanent, boring, ugly plastic tubing. I'm not saying AC beats (proper) WC, because of course a custom loops is going to run circles around AC. The point was for their price, AIOs are not much better than a good heatsink provided with good airflow.
They don't leak, they are a sealed unit, but they can stop pumping, or at least "wear" and decrease their volume or flow that could cause the CPU to overheat. They are just as reliable as a standard fan that can run its bearings. At least a pump is not prone to block up with dust like a heatsink and fans do - at least a conventional heatsink and fan, not so sure about your setup due to the design, they might be quiet good and not build up much dust. Additionally a water pump takes the heat right away from the system, it just doesn't blow it around the memory, motherboard heat sinks etc.
Not sure I like the idea of having an inlet fan on the back, there is no airflow passing the hard drive(s) and other components, personally I would have an intake fan at the front low down on the case and exhausting at the top.
I have 1 fan (120mm) at front sucking (and blowing cooler air on the hard drives) and one at the top (200mm) drawing air through the cooler and venting any heat buildup in the case (not that there is much as most of the heat is produced by the CPU).
Your temps are somewhat inline with my own although ambient is a few degrees lower. Mine is also a 3770k clocked to 4.2. What you have is no doubt an excellent cooler, there are some great reviews on it and it is the master of all air coolers to date. And yes, cheaper than an efficient water cooler unit although now the closed loop coolers are becoming more popular, they are coming down in price and the gap between a water cooler and custom air cooler is closing. Personally, I don't like a big heatsink and fans cluttering up my case, I like having it roomy so the air can circulate and the heat sinks on the motherboard and memory are not getting spent warm air around them from the CPU and remain cooler.
And having permanent, boring, ugly plastic tubing still looks nicer than a permanent big ugly heat sink and not one, but 2 ugly fans
But it is a personal preference and a practical solution for me.
I would actually be quite interested in seeing a picture or 2 of your cooler if you have any. Cheers.