perhaps you could create a circuit so that voltage generated by a peltier when the water-block temperature is higher than the heat-sink temperature would feed the "base" of a "transistor amplifier circuit" which would have a gradual effect on the amount of current that could flow through the "collector" and "emitter" - as water temperature drops to ambient the current shuts off in a nice analogue curve.
(i've drawn the "transistor amplifier circuit" with "base, collector and emitter" as symbols of transistor function - i dunno what the real circuit would look like)
then you'd still have the 'luxury' of a water-to-ambient-dT based power control - but not a digital on/off one.
you might also want a variable resistor that you could use to set a minimum amount of power that'd flow into the peltiers regardless of water temperature - this'd allow you to set a minimum temperature near or under ambient. without it the minimum temperature would be slightly over ambient. if full load temperature is over ambient i guess you'd leave it out.
though if the ambient temperature in your computer room is fairly steady this'd be a bit overkill
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