Cripes Nano!
Do you have any links? Google is not being kind with this subject (On the G5 or for computer cooling in general)... Or do you have personal experience?
I would read the scientific papers on the subject, but I don't have access to my university account atm.
There was an automobile finishing product they used to advertise on late night TV in the 80's that was basically 100% silicon oil. Part of the 10min sales blurb was to submerge an open unboxed television while it was playing in a glass tank of the stuff.
It's about the same consistency as water too by watching the bubbles, so the pumps won't be stressed more than normal either.