Back then, I used to have a 55w peltier on a C400@600 at 2.3v and it kept the chip at room temp at max load. I wasn't too careful installing the insulation however and condensation occured with water droplets forming around the slotket. Costs can add up quickly if you're just using stock eq., you may have to upgrade to bigger heatsink (I used an Alpha), a more powerful and probably louder cpu fan like a Delta, a copper plate (I used a 1/4" thick one), foam lining and silicon sealant for insulation.
And if your cpu fan or the peltier element itself should happen to fail, or if your power supply wasn't really up to the job at delivering the required amps, expect catastrophic results such as your system going up in a ball of flame.