From the sounds of the tests being run with your block it seems to work well.
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So the heat from the VRM goes like this;
Swiftech:
VRM -> TIM/pad -> aluminium plate -> TIM -> heatpipe -> TIM -> edge of main copper plate -----> center of main copper plate -> water
DangerDen:
VRM -> TIM/pad -> main copper block -> water
Correct me if i'm wrong.
I guess the GTX 480's VRM don't need that much active cooling in the first place seeing they are not digital.