Now I've had a little bit time to lay out the component palcement within the case and scavenging the materials. I hope I can start welding the case frame together tomorrow.
My friend working in another machine shop promised to finish the water reservoir for me. It should be ready for testing by the end of this week. I really hope it's ready before friday.
I went shopping for the nipples and tubes and all that. You can't imagine how hard it is to find a nipple with 1/4" thread. I wish I had not made the threads yet so I could make the 3/8" threads instead. Now I have to use fitting parts until I get to drill and make the bigger threads for my tank later on.
I also recovered another radiator element from a scrap metal yard today. I'm trying to use them both if they work ok and I get the airflow right.
Here's my initial plan for the component layout.
Blue = pump
Red = PSU
White = DVD-ROMs
Purple = HDDs
Green = MoBo
Light blue with circle = LCD display
Light gray = radiator
Gray = water tank

The stuff I'm going to use to cover the case turned out to be neoprene or something like that instead of rubber. It's going to work out ok if I can't get the rubber I was planning to use but I'm going to go through my dad's stashes to see if he actually has those rubber mats I remember he had.
A closeup of the covering material.
Here are a few shots of the component layout for my measurements. The case frame seems to turn out as 500x800x250 mms.
Then I found some industrial grade fans working at 230V. I have to test them out if they're silent enough.
After throwing the parts around I came out with this solution and I think it's going to be the one I'm sticking with.
The longer radiator is going to be parallel with the smaller rad. The swiftech box represents the LCD display and the box left of the PSU is the DVD-ROMs. I need to think about the airflow for the radiators and how I'm going to control it. Maybe a piece of sheet metal to have the air go where I want it to go does the trick. I have to test it when I get the frame together.