If you can hold out, the new i5 10600K is the better call since you get Hyperthreading. Just no clue when it’ll actually hit the shelves here in the States or what the markup will be. Over there, it's pushing $300, which feels like a rip-off.
Regarding cooling, it mostly comes down to your case. If you pick a decent chassis—meaning enough clearance above the CPU (160mm for the NH-D14)—then air cooling is the way to go. You get performance comparable to mid/high-range AIO coolers for less money, with less noise and way more reliability.
Somehow, the Center for the Future actually has the NH-D14 in stock, even though they don't really make them anymore. It's cheaper than the NH-D15 and pretty much the same thing.
I’m running an NH-D14 on an overclocked i7 920 (which pulls 130W stock) and it’s solid. Easy install, quiet, and temps stay around 80-83C at ~950rpm while pulling over 300W from the wall in a 27C room—and that's with old thermal paste. Just don't buy ridiculously tall RAM. I have some old Corsair Vengeance that’s super high profile, so I had to rotate the CPU cooler so the fans blow upward. It works, but ideally, they should blow toward the rear.
That's a comparison against a very good liquid cooler. In other tests, Noctua actually performs even better.