Best coolant in the world?: distilled water from your local grocery store. But make sure it is 100% steam distilled and not filtered water. Then just add a biocide to that, or drop a piece of silver in the res.
And yes, that series loop you drew up looks like it will work better.
I'd recommend the weldon #3 or #4 for your acrylic res. It's made specifically for welding acrylic to acrylic. If you can't get it locally, TAP plastics sells it online cheaper than anyone else as far as I could see. UPS should be delivering mine later today.
Other thoughts:
The rad fans will be exhausting out the front right? It doesn't make sense to dump the combined CPU/GPU heat onto your HDDs and the rest of your hardware.
A series loop will probably work better with small rads because a single 120 rad may not be able to handle your GPU while it's gaming.
If the pump is after the blocks, make sure there is water through the tubing and blocks down to the pump before the pump starts. Dry-running a pump, even for a short time can kill it.
Get some high speed fans and a fan controller for your rads. It's better to turn high-power fans down to quiet them than to have low-power fans that can't be turned up to properly cool your loop. If you really want to get the best fans, look for fans with a high 'static-pressure'. The higher the better for a rad fan.
If this is your first time with water cooling, DON'T attempt to make your own blocks...it will likely go badly.
That's all I can think of at the moment.