For me it's mainly about gaming, I'm willing to put up with some fan-noise. But if it's for media-playback, I think watercooling is the way to go, if only to minimize noisy parts.
Might consider a small SSD for the OS and stream media over a network, just use large regular drives in another PC, strategically placed outside the mediaroom. (That's what I do with my second PC in my bedroom... except it doesn't have an SSD and is actually noisier with 1 fan than my gaming PC with 6.

)
I think that tower will do fine for cooling without a fan, as long as you don't run a powerhungry CPU and GPU at full tilt for games.