What is the purpose of cooling in general, and water cooling specifically?
It is to be able to extract extra performance from your cpu or gpu via overclocking.
That is not going to happen.
When you oc a 4690K, a decent air cooler will keep the cpu under 85c so long as you do not exceed a vcore of 1.30v.
If you need more than 1.30v to increase your multiplier another notch, you run the risk of damage.
On graphics, many GTX970 cards come with a decent factory overclock. If a single GTX970 is not enough, replace it with a GTX980 or titan x.
sli comes with some potential issues. If you do go GTX970 sli, you will have sufficient graphics power for 4k gaming.
Save your money on exotic cooling and apply it to that 4k monitor.