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Generally, peltier capable blocks are fine for direct use. Just gots to make sure that the retention mech can be adjusted, since the waterblock will be a lot closer to the CPU with out the pelt and coldplate.
pelts are much more difficult to maintain and install.
first, you need a seperate PSU or an incredibly powerfull PSU to power the pelt, and you need to use silicone and dielectric grease and neoprane all around the socket to prevent condensation, but you will get much, much lower temps, sometimes even sub-zero temps.