I will be watching this thread carefully,as I too want to try my first custom loop.Good luck and if you have time could you possibly show pics of your "build log"?

Looking at your case, you can fit the 360 radiator up top and since you'd prefer one loop I say go with a 360 up top. 

rlb9682 I was looking at some videos from jay's 2 cents and he was saying he wouldn't feel comfortable with only one 360 rad and my case will only take up to a 360 on top. With regards to the room in the case, I have the room for the rads(240 and 360)but with 2 reservoir it would be a little tight and make my life harder with the acrylic tube bends.  

The 1x120 for every component needs 2 caveats... 1) this will keep a temp safe, not necessarily that good, 2) not really that good of an idea if you plan on overclocking.
 
1x120 will keep you safe, hence things like H50's, BUT, H50s when clocked REALLY struggle. 
 
If you are jumping into watercooling, you are normally doing it for one or more of these reasons: 1) you like the look, you are wanting to drop the db level versus a BIG HSF, 3) you are a clocker and you want to get those temps DOWN and you are not wanting the investment, or setup/prep/maintenance of a chiller or Phase system.
If this is simply because it looks cool and maybe a bit quieter under heavy load, what you selected would be fine, with a single 360.
 
Being that you have Classifieds and are going water, to me that says you are clocking and benching some and trying to keep it cool, and I would hater to see you spend this kind of money for rather lack-luster cooling, sure it will be better than reference but not by the margins you are wanting to see.  In general I suggest 1x 120 for just keeping things quiet, 1x360 for 2 items to 2x120 (240) per device if you are clocking /benching and are pushing your hardware hard, 360 per device is overkill, but I can see it if you are trying to be competitive in the ambient based cooling and you are still seeing your coolant temps increasing. 
 
I usually sit in the 360 for 2 devices to a 240 per device, you do this and you will see some really solid temps.
 
With the case you have I would go with a 360 AND 240, with that you can clock as hard as you want and know it will never get NEAR thermal threshold, and even under heavy load, you will see good temps.  Remember it is always better to have too much radiator than not enough.
 
Not trying to argue with you rlb9682 or to belittle your knowledge, but this is how I approach my cooling and advise others to do as well. :)
 

You can also find some good reading here. http://koolance.com/how-to-build-a-water-cooled-pc
http://koolance.com/cooling101-introduction

EVGATech_DaveB
@Kool GTX
Well, in general most of the PC watercooling pumps do not have THAT much power to where it is a problem.  Sure you can run a 655 Strong on a low restriction block, 120 radiator at Wide Open Throttle and cause the problem you are describing.  In industrial you are 100% right, but there is some seriously powerful equipment there.
For the longest time, if I was cooling 1-3 devices I used a 655 on the mid speed (3) and that did well, if I got past that number and/or added in a second radiator I went to speed5. 
For the PC, too much is very rarely an issue, and the 655 really is the staple workhorse of the industry, I ran 2 360s, CPU block, VRM block, mobo block 2 full cover GPU blocks and it ran great and kept everything nice and cool.  And if I wanted to move it to a really tiny loop, the adjustable version I can just turn it down a couple notches.  Also some of the newer model pumps have PWM controllers and you can control it from a PWM based external fan controller or through the BIOS until you find your hardware's sweet spot.

Thank you EVGATech DaveB, for the insight. 
 
I have decided to go with the Swiftech H240-X for my first CPU water cooler as it will allow me to expand it in the future if I decide to put my EVGA 2-way SLI 780Ti Kingpins under water in the future.
 
Plan on taking my Silicon Lottery bind & delid i7-4790K @ 4.8GHz (@ 1.325 VCore & 1.92V CPU input) and trying to get 5.2GHz with my new build I have started based around an Asus Z97-WS MB in a Corsair 760T case.
 
G.SKILL Ripjaws X Series 32GB (4 x 8GB) 240-Pin DDR3 SDRAM DDR3 2400 (PC3 19200) Desktop Memory Model F3-2400C11Q-32GXM,
 
Hoping to reuse my Corsair Pro Gold AX1200W PSU - though I have started to look at the EVGA SuperNOVA 1600 G2 Power Supply - especially if I find a third Kingpin at a I cannot pass this up kind of price.
 
Used mostly for Solidwork 3D modeling, gaming and occasionally benchmark testing.
 
Figure its good to have a goal for the build; testing will determine what will be stable.