Kits generally underperform, unless they are kits like the high-end Swiftech, which is going to be about three times your budget. You will get better results with aircooling. With an XP90 or XP120, decent fan and decent case airflow you will get temps and noise equal to or better than any $110 watercooling kit, and you should have cash left over.
I would worry about the longevity also. You're going to have, for instance, a crappy pump that can't put out much pressure and may fail prematurely, taking your CPU and any other devices you've watercooled with it. For reference, my pump costs more than your entire budget. I'm not bragging, but I have very expensive components which will die if that pump fails, so it does not make sense to cheap out on it.