Go with the Core i5-4670K and I'd go with a Cooler Master Hyper 212 instead of the H50, because I feel like water cooling, unless you're doing heavy overclocking, really buys much.
As for monitors, find a relatively cheap IPS monitor. I know ASUS makes one. Otherwise the only one I can recommend since I use it Dell's U2412M.
Thanks for the reply.
Im definitely leaning towards the i5 now and I plan on doing a little overclocking. Not too much, but I also am going for a quieter system with this build which is why I chose the water cooling.
Thanks for the monitor input, will start looking at some IPS monitors.