Ok ... got some good news and some bad news *cries*
I have been doing research all day about oil cooling with transformer oil and other non conductive oils, looked up their dieletric properties, hydrolic pressure and many more things. It turns out Transformer Oil would have been my best choice.
Having a normal Chip with no connections or pins or a circuit board where the connections are wires would be fine using oil and would last a long time.
However since Motherboards and Graphics cards have other eletrical componets where at first will work 100% even for a year or more, the tendancy is that they will not function as well after a while due to the Oil's properties.
Basically if you wanted to do this for Benching every once in a while you would be fine. However for long term and ongoing use I was told by many informed people ( even went to local radio station for answers ( they use Transformer oil in their cooling ) that it would not be practical.
^^^^^^^^^^^^^^^^^^^^ was bad news.
The good

. The entire project is still going to be done

. However with some changes ( more money required lol ). I will be making a modified WC system that uses the cells to cool the OIL ( in pipes this time ) to various system components. ( still aiming at a good -20 permanent ).
Yes I know wall of text sorry. I will produce more information on "new" setup shortly.