Originally Posted by
Bugbait
CPU's have a lower operating temperature than (performance) GPU's so always put the CPU before GPU in a single loop. Assuming the pump isn't near capacity in terms of pressure/head-lift then I would suggest:
Pump/Res --> CPU --> Top Rad --> GPU --> Bottom Rad --> Pump/Res
The heat dump from the pump is the lowest out of all the heat generating components in your diagram. Given you "only" have 2 radiators then something will have to miss out on a heat dump (radiator) prior to cooling.
Putting a radiator after each heat generating component (CPU and GPU being the hottest) maximises the efficiency of the loop. A loop is most efficient when the delta between the water and component (CPU/GPU/Radiator) is the highest. Cooling the water before it enters the CPU is ideal, but running the warm water from the CPU directly into the GPU isn't as efficient as cooling it through a radiator first.