a lot of factors play out in watercooling so you cant say 1 piece of eq is better then the other.
For example in a radiator:
1. Thickness can play a big deal. If the rad is too thick, you will need strong static fans, however if the rad is just right in thickness, you can get away with low Fins Per Inch (FPI) for quieter fans because you have larger flat tubes running down the rad.
2. Size also plays importantance. The larger the size the greater the surface area for heat dissipation. You have 1x120 vs a 2x120, of equal thinkness and FPI, which usually translates to almost double the heat dissipation, which again translates to fan noise. The 2x120 will allow you to get away with lower RPM fans for greater cooling then the 1x120.
3. restriction and flow rate. The better the flow rate the higher efficiency you have on said radiator.
4. Tube structure, is it a condenser type or flat tube type?
Well most rads are going away from the condersener type, the kind you see on an Air Conditioning unit, in more favor to flat tubes, as you have greater surface area.
That is just the radiator...
AIO vs Custom?
Your never going to see one, because the custom can get very complex to very simple. Some AIO's like swiftech is borderline Custom but still an AIO.
Then you got the very complex ones with multi loops, and multi large radiators, and well, AIO's would get slapped silly.
Will you be able to overclock better?
Probably not anymore... sad truth is processors have gotten so efficient now, that a full custom will most likely not net you as much OC headroom as a AIO depending on the chip. Do you honestly think a 5-10C's will help you?
I think you will run into voltage issues before you ran into heat issues. Chips can die from too much voltage, yet being kept cold.
Where do customs really shine?
GPU!
again GPU! and lastly GPU!
u will get a reduction of almost 1/3 - 1/2 load temps on most custom setups on a full cover block. Example.. if your gpu is running 80C loaded during a game... you will typically run 40C.
If you have a customized cooler, like asus's or msi's and it runs 60C with a Custom you will probably net 35-37C (depending on ambients).
In 90% of the scenarios, you will be voltage limited on a GPU on a custom water setup, then heat limited, and also you will effective triple the life of said gpu under a custom water cooling setup.