Loads of guys on xs run chilled water through gpus. I'd guess they mainly dealt with condensation by not running it for a particularly long time. The approach which makes the most sense to me is placing the board in a sealed box, keep air out with some desiccant inside and there can be no condensation.
Otherwise I believe the approach of painting the entire card with nail varnish / liquid electrical tape etc is the one to go for. A strong argument in favour of only chilling the cpu is that insulating is easier. Since the cpu is the most important part to overclock (imo I suppose), and a smaller chiller can be used for the cpu only, this is the more usual approach. Ambient water cooling on everything except the cpu, and phase on the cpu.
Otherwise I believe the approach of painting the entire card with nail varnish / liquid electrical tape etc is the one to go for. A strong argument in favour of only chilling the cpu is that insulating is easier. Since the cpu is the most important part to overclock (imo I suppose), and a smaller chiller can be used for the cpu only, this is the more usual approach. Ambient water cooling on everything except the cpu, and phase on the cpu.