That would certainly work though it isn't optimal Tanton,
the way your doing it your feeding cold water to the reservoir and the pump, the chips need that water. It it would be best to go Reservoir>Pump>240Rad>CPU>360RAD>GPU>Reservoir, Basically the entire system will have a certain amount oh heat it will dissipate and this will stay the same no matter where the parts are. howver the temperature at different parts of the loop will be different, so the pump will put heat in the water, then the GPU will ad more and you CPU will be getting pretty sweaty with all that hot water on it.
There's a whole complex thermodynamics theory behind it I won't go into (unless you want me to
So basically what you want is to have the radiators cooling the water just before it gets to the waterblocks so they get the coolest water, (and another one after the GPU to cool the water for the CPU to use)