So to anyone still reading this thread, I re-seated my H70 and I got some interesting results.
First, I actually turned the radiator 180 degrees from the original orientation. Initially I had it set up so that the hoses coming out of the radiator was situated at the top. Now they are at the bottom like so:
The air flow direction is still push/pull OUT of the case.
I also applied some IC Diamond 7. It's got a 2 hour cure time, and I'm sitting at about 30 minutes right now, so things could change, but...
I noticed when I had the side panel off, the temps were reading generally 2-3 degrees lower. So it was about 26-29C at idle with ambient at 18C. This is with a 4.5Ghz Overclock, @1.34. I had to up the voltage because Prime95 failed on one of the cores after 4 hours.
However, with the side panel ON, I get about the same as I did before I reseated. I was very careful with the application of the TIM and the re-seating, so my conclusions are that my case temps are probably a bit warm, and that's why I'm getting the temps that I am. If I had set it up pulling air in, then I'd probably be getting a bit cooler temps, which I had assumed to be the case anyway.
Again, I would hesitate using the fans as intake, because 1.) I wouldn't want to blow warm are onto my other components, and 2.) Having to clean dust out of that rad every few weeks would suck. That thing can get clogged up.
Anyway, I would appreciate any more comments if anyone has anything interesting to add.