Forgive me for the crudeness of my picture.
1)I would assume it's inefficient because the heat from the RAM that normally would have been thrown into the air enters your water cooling setup. Also, in the picture it seems that by routing it through the RAM you are gonna end up with the water heating up so that some of the GPU cooling will have warm water going over it. Finally, the extra turns needed will introduce extra pumping head required.
2)I cannot add anything more to point 2, it just seems that user experience says that the RAM malfunctions usually before it reaches TDP under high clocks. I suppose it makes sense, after all, you don't use water cooling to maintain your system RAM. Perhaps that's the future, maybe I should patent it.
3)Even with the back plate, water blocks require massive copper heatsinks which are extremely heavy. You could use aluminium but it appears enthusiasts would not accept this sacrifice. By extending the copper heatsink from the small GPU to the surrounding RAM you end up with a copper volume treblin or even quaddroupling. This will put a bending moment on the silicon and we all know silicon is brittle, it cannot handle tensile stress very well. The bending moment will be highest at the base of the card (where the card dimensions get smaller and the stress is concentrated on the connectors).
I base my views on MaxxxRacer's bible to custom water cooling setups:
http://www.xtremesystems.org/forums/showthread.php?t=54331
And here's a quote from the VGA section:
"The GPU waterblock is a nice option to have for all of us out there who like to overclock our video cards. There is not much to say on this topic, other than what to stay away from. My suggestion to you is to stay away from the big blocks that cover the GPU and the memory. These blocks are wholly inefficient and ignore the fact that simple ramsinks are more than enough to cool the memory. Generally these coolers run in the 100 dollar range (twice the cost of normal GPU coolers), and have considerable restriction on the system as well as having reduced performance. They are also 3-4x the weight of a standard cooler and provide considerable stress on the PCB of the video card. Overall there is nothing good about them, and should be stayed away from if at all possible."