that temperature is still VERY high for the amount of vCore you are giving it. There is a very good chance that your waterblock is not seated correctly or either you waterblock or the IHS on your processor is concave. Try reseating the waterblock with a minimal amount of AS5 and see how it spreads. If either is concave you might want to lap it.
Now on the cooling part. Lap a Tuniq Tower 120 it will beat the Big Water no problem, and the HSFs that perform similarly to the Tuniq will do about the same. Waterwise, the Swiftech Apex Ultra is very good, basically a collection of highend parts, while you can also put together a better system for a little more by buying individual parts from sites like DangerDen.