agree with Beppe, 8GB is bit too low.. I do see Octane alone taking 10+ GB from time to time coupled with 6GB vRam cards. if You cooking something heavy in the background that easily 10GB..- thus for workstation (not for slave) I would recommend even more than 16GB., but it might be ok to start..8GB is too little..& keep in ming PC acts very sluggishly when You're near the edge..
to cool CPU on air is fine, though I don't know if it's wise as good heatsink is going to cost You no less than water block & You'll have more troubles to fit everything, as CPU heating might come in a way of water-cooling path - look through some pictures around, but I guess first card's tubes might be impossible to route because of that big Noctua piece, so I would not advice.
Single 480, & PE might be enough to lift of, but it would not give You the best temps & leave You to spin fans bit higher - what defeats the purpose of water-cooling as You might not get so much of Overclocks, relatively high temps & more noise..If You're planing to get radiator separately I'd say thicker XE would be better idea, & I'd think about second rad..just to lower down noise & for better temps..
CPU is ok, PSU is a bit overkill, but could be totally justifiable =) as power delivery does matter. But for motherboard, I don't know..it's meant for 3cards - it would be a waste to put four..Yeah You're right saying that render performance is not influenced, but building 5k rig that puts x16 cards on what x1 slots? doesn't feel right..I'd say take three cards route or change motherboard.
900D is one of best cases You can easily get for water-cooling. It's huge, spacious enough to put everything inside & so on. Not on par comparing quality with something like CaseLabs, but for those You need to pay twice. The question again, whether You need something like that? isn't it a bit too big for You single rad route? (or You already start thinking about upgrades? =)
Pump might be enough to push liquid through, but for sake of redundancy & letting it run at slower speeds I'd get pair (but again You can upgrade in the future =) if You have any plans for that - as mentioned, sometimes it's completely fine to start low & then tweak things out =)
so, I do see few paths here:
(A) go to three liquid cooled 980Ti that is going to cut Your expenses & leave You some budget for upgrading radiator, getting better motherboard & more RAM. 980Ti on air would give You ~120, while under water close to 150, thus technically with 3 GPUs under water You get performance of nearly 4 GPUs, but with lower noise, less heat (40-50C instead of 80C).
(B) go four cards without any watercooling - performance will be the same, You'll keep spending in a similar level (again, upgrading RAM & motherboard is advisable).
(C) route is more like an option for upgrading (B) later or as an alternative to go with (A) right away - choose external radiator option, adding something like
Mora (360/420) radiator. This will leave You a possibility to choose much smaller cases, & gives You cooling performance (9x 120 or 140 rad/fan space that could be configured in PushPull if You wish).
So, I don't mean to mess things up too much, but Believe 5k is not so small sum to spend it loosely & it's better too choose path that would offer You best value - saving in places where You really shouldn't..isn't the best choice, nor right investment, as You could have more headache on the long run than for choosing this route than any benefit =) hope that makes sense - tried my best to explain few things here & there.