AIB partner custom cooled cards usually get a base plate that covers the RAM and VRMs.
I did what this guy did with a TFIII 7950 and my VRMs never got above 90 even when overclocked to 1250/1750.
http://www.overclock.net/t/1372912/the-msi-tf3-vrm-project-with-accelero-xtreme-7970
I wouldn't trust that guy from your link.. pretty soon you may see him pop up on this forum :thumbsdown:
It's finally good to see someone has tried this cooler out with a R9 290. I hate to say it, but I am not surprised to see the "bad" vrm temps while overvolted and overclocked. The cooler is great for a small overclock without much if not any voltage added. Great GPU temps, just not good enough to keep the vrm temps down. The fans just don't spin fast enough to push enough air through the heatsink and onto the vrm. The vrm heatsink installation is just plain horrible. You have to apply thermal glue or pads, so the heatsinks just sit on top of the vrm with pretty much zero pressure being applied to the vrm. There needs to be a plate and screw retention mechanism in order to apply adequate pressure to the vrm. I am a big fan of what Gigabyte did with their R9 280X windforce card. Here you have a vrm heatsink with some meat on it and it's using a screw retention mechanism to help apply some pressure to the vrm, which in-turn helps to transfer heat quicker.
I see you went with all copper heatinks on the vrm and it probably does a better job vs. the stock aluminum ones, but still not good enough for heavy overclocking.
The stock vrm on the reference card is actually very good. You have a pretty beefy metal plate that covers the vrm. They even machined grooves/fins in the section where the vrm is to aid with the heat dissipation. The best part is the blower fan virtually sits on top of the vrms and helps to keep them pretty cool while overclocked. Also doesn't look like AMD cheaped out on the thermal pad either. Looks very much like high quality fujipoly pad and the vrm is making great contact as well.
Now keeping the GPU cool is another story for another thread, but it's pretty much the exact opposite from the Arctic cooler. So unfortunately you just switched from one handicap to another...
Now I haven't seen this setup done as of yet, but IMO is should work pretty good without having to go to full liquid cooling with a full cover block. I would take apart the stock R9 290 cooler and try to remove the aluminum gpu heatsink only. Then you should be left with the card retention bracket from front to back with the vrm heatsink plate intact. See the picture below.
With the gpu heatsink removed you should have enough room to mount the new NZXT Kraken 10 mount.
http://videocardz.com/48186/nzxt-introduces-kraken-g10-gpu-bracket-cpu-coolers
You would probably have to remove the stock blower fan because of clearance issues, but you can install the included 92mm fan that will blow directly on the vrm. You would also need some type of memory heatsinks as well. Now they would not be getting direct air flow like the reference card or even the arctic cooler, but being as they don't run at high frequencies even overclocked, it shouldn't be too hard to keep them cool. It looks like the NZXT bracket sits up off the card a bit to allow for memory heatsinks to be installed, but the clearance is unknown to me. I would think an Corsair H90 or another thicker 120mm radiator should do a good enough job. At least better or similar to the arctic Xtreme III.