Any look into building a water cooling system for this. As I understand there are no heat sinks on the board.
What is the spacing between the boards? Is there enough room for a custom water cooling solution?
almost certainly not. unless you have a case for it, the boards likely could not support the bulk size and weight plus hoses assosiated with watercooling, and the cost to implement water cooling for each 25-40GH board would be insane compared to the similar benefits attainable via heatsinks.
It would cost roughly $75-150 to put heatsinks on every board in a 400GH kit, and clock it up to >525
for water-cooling, you would see costs of around $200-500 assuming it even fit and was available, and you probably would only get 10-20% better results than the heatsinks.