eloric :
Your CPU produces too much heat for that little thing.
Having used the H50 with P/P fans on an overclocked I7-860 ( @ 3.8 ), I7-930 ( @ 4.0 ) I7-965 ( @ 4.0 ) and I7-980x ( @ 4.0 ) I can tell you that you are wrong.
You wouldn't be able to break any overclocking records using it, but when properly configured it does just fine for moderate overclocking of the I7's.
I'm not rubix, but as to your shopping list, MC has the Danger Den CPX-1 pump for a couple of dollars less ( or the Jingway DP600, same pump with higher flow and pressure ratings ).
Stay away from bottled coolants, distilled water and a biocide are all you need, should cost you around half of what the bottled coolant does and will refill your system without having to buy another bottle of premix ( a $3 bottle of PTNuke should last for years, won't find it at MC though ).