I am not familiar with the Raza kit so this might be useless info to you.
But if your pump is too noisy, look to decouple it from the case. A lot of the pump noise (if not most of the pump noise) comes from vibrations it transmits to the case. especially if it's a metal case.
By putting rubber washers on the parts that screw the pump to the rest of the case you will help get it more quiet. Have a look at this article for more info:
Pump Decoupling Comparison
Notice the comments at the bottom of the page, that's me.
Also consider this: let's say you need 50 cfm of air to cool your cpu on air cooling. well, you will also most likely need the same 50 cfm of air to cool your cpu even when you change over to water cooling.
But here is how water cooling can get more quiet: instead of having a single fan cooling the cpu heatsink, you can have 2,3 or 4 fans on a radiator to move that same amount of air over a larger area. So you have more fans turning more slowly to move the same amount of air so it makes a lot less noise.
My last build 5 years ago was with a Thermaltake Symphony water cooler kit. Now everyone tells me that system was a piece of @#$% but it worked very well for the last 5 years. And most of all, I could not hear a single fan or a pump. Even at full blast,the whole thing was completely quiet.
Now, it didn't offer much more cooling capability then air cooling. Basically the Tt Symphony was intended for people who want to run a machine in their living room with no noise and it did just that.
So your system isn't really a bad one, it's just an entry level w/c system, as my Symphony was. But next time you will most likely make it better then this one, as I am doing.