Just a little update,
All testing was done with the case open. I was finally ready to close the case today, and low and behold, it would not close because the side panel 180mm fan was hitting the rad! I had to do some adjustments (move the fan outside of the case, and had to cut and bend two case sections to make it fit right):

But, I guess it was worth it! MB temp dropped 10C! Also, CPU temp dropped 3C:
So, I guess it you have decent case ventilation, you can point the H50 exhaust fan out.