let me put my 2 cents worth in.

I use a 5 gal homedepot bucket ,filled with 4 gal.distilled water,
lid on the top , the same carbonator motor you got sits on top of the
lid.
I was lucky on my e-bay purchase because the fella' sent me the
rubber insulator feet and an aluminum motor base, so the motr is
susspended nicely.
Anyway...... it is bolted to the plastic bucket lid.

The pumps sucks up the water from the bucket, via a plastic hose,
on the pump output side: I installed a "T" fitting , one side goes to
the torch, the other side of the " T " is a hort hose goes back to the
bucket at the nd of the hose is a simple compressor water drain style
drain petcock.
It's purpose ; it dumps about half the water volume and pressure.
With the twist/adjustment of the petcock valve volume and pressure to
the torch can be adjusted.

From the torch water return line, I installed 2 clear plastic hose
one is slightly larger than the other,
the larger hose is a short hose pushed through the bucket lid.

this way there is always air in this hose, the return water is
****ing into this larger clear hose allowing me to see the water flow.

I don't know what pressure it runs at the torch, but there is plenty
return water flowing. the torch head is always cool,

there is no cooler or fan in this system.
I use a Thermal arc 185 TIG, the water in the bucket never got even
remotely hot.

the 1/4 HP motor is semi quiet I can still hear the water splashing.

I will snap some picture if some of you want to see it. (let me know)