That 140mm fan on top is great to pull air outta the case. But it's a poor fan for moving enough air for a radiator. It's low CFM and low pressure. Methinks if you can find one (always out of stock at the main WC online stores) a PA (Thermochill) 140mm rad and a replacement fan you could cool your CPU with it. A 140mm PA is almost but bit less in performance to a standard 120x2 (220) rad.
You HAVE to have a fan directly on each radiator portion, so your idea fails to run a 120x2 rad with one fan. No way, unless you make a fancy shroud and get one HS LOUD fan.
140mm quality fans are availible, not a lot of choices though.
A CPU needs that at a minimum. Unless you have a Celeron from 2 years ago and don't OC it. Then you wouldn't be talking water anyway.
It depends on the heat your CPU puts out. Wattage vs ambient vs fans vs radiator matters.
Going water can beat even a TRUE with two massive deltas but it ain't cheap
The 300 is a smallish case and even fitting a pump/res or T-line on the inside and the rad on the outside is tough. But I have seen more than one 300 with a 120x3 rad hanging off the back using standoffs.