Yes, series, sounds about right to me. And yeah, sounds good. I think 5V is definitely low enough for me, so I don't mind that.
I don't have a black and red, I have a black and gray, so I presume the gray takes place of the red here. However, sadly, I don't think I can connect them differently since my Molex probably doesn't have a yellow (having only two ports...). I'll add pictures just to be clear on this, although I know that you know this already.
So I guess my only hope right now is to use a resistor. I presume that as
Karadjgne suggested I should cut the red (gray) wire and then solder the resistor on. My fan has V=12 I=0.18 so R=~67 ohm, and so a 40 ohm resistor as linked should do the trick. Except I have no access to a soldering board at the moment, might need to figure that one out...
Update: actually this $1 resistor will cost as much as a new fan to ship. I think I'd rather snag a resistor back at my uni (and also find a soldering board...) when I get back. And meanwhile I'll look into some lower CFM fan options. Thanks for the help everyone!