1. Efficiency is basically nonexistant.
phase units are very inefficient as well, although there is no other viable way of cooling your chip to subzero temps for consistent use
2. Most high wattage tecs are larger than the surface of a CPU so not all of it's power can be utilized.
most evaporators are too... a larger area is used to allow more effective heat transfer in evaporators to allow the full potential of the gas to be used
3. The power draw from a high wattage tec unit is on par with a fairly high end computer.
so is the draw from a decent phase unit... usually higher, in fact, but they offer a far high performance to power ratio
4. Most performance numbers are given at the tec's max voltage, in the case of this 437W Peltier,
437W Qmax Peltier - FrozenCPU.com , 26V.
Try and find an affordable lab power supply that will let you push that much power through it at that Voltage.
build your own!! its a fairly simple process if you know a bit about electronics... there's a decent outline of the build process here ->
icecoldcomputing.com: all about deeply chilled CPUs (if you want to use that particular TEC, you'll, obviously, have to change the transformer setup)
For nearly the same amount of money you'd be dropping on the water cooling hardware, peltier equipment, and power, you could have gone out and bought a decent phase change unit which would wind up keeping your cpu a lot colder, with a lot less risk, and without turning your computer into a space heater.
less risk??? the lower you go, the riskier it is... also, most phase systems will pump out alot of heat to condense the refrigerant (because the compressed gas is hot before it enters the condenser/HEX)... and really, you cant go out and BUY a decent phase unit... building a phase system will be much cheaper and more efficient (and you might even learn something!! how novel)
i know its really not fair to compare TECs and phase systems, but you cant say TECs are completely nonviable...
but all in all, YES, a phase change cooler woll be a much better investment
nothing against you aspire, but i just like playin devil's advocate sometimes! lol... but seriously, nothing personal