Pressure is factor of rate of flow and diameter, and generally doesn't matter nearly as much as rate of flow for cooling. Shrinking your 1/2" to 7/16" will increase pressure but decrease flow due to friction loss.
Running a serial setup is the easy way to guarantee flow through each cooling block, but it has two possible drawbacks: the circuit length can be longer than parrallel setups, leading to more friction loss and lower flow rates, and you can end up running 'hot' coolant through later components, cooling them less effectively. If your pump is sized large enough, neither will matter, since you'll be pushing several times as much flow as you need. If you have a long series that drops down to a very small size like 1/4" you will be losing flow rate throughout.
In systems that have T's on both the supply and return _before_ you get to a zero pressure dump (the reservoir) _and_ have unequal routes, ie 20" of 1/2 running through the CPU and 20" of 1/4" running through the HDD, you face a much larger problem. The 1/4" might have so much friction loss that the flow through the 1/4" is negligible. This also gets fun to calculate because if you balance the system completely and have all of your pressures perfect, changing any factor anywhere, like replacing a waterblock, shortening any run of hose, corrosion or other resistance buildup in the radiator, the pump wearing in and changing pressure/flow even a few percent can throw it all off again.
A final option is to run all parrallel lines from a block at or near the pump, then size the lines of the run for the flow they will need. So, at the pump you'd have a 1/2" to CPU and GPU, 3/8" to RAM, Ying immediately before and after the modules, and 1/4" to HDD for example. The CPU and GPU would get more fo the flow, then the RAM, and finally your HDD. You can calculate exact flows through each line using a tool like this one:
http://www.efunda.com/formulae/fluids/calc_pipe_friction.cfm#calc