Looks like you can but it'd make no sense. You'd be throwing away free Vertcoin.

How much is Monocle tied to Vertcoin? For example if the N-Factor scheduling to Vertcoin has to be changed to avoid being ASIC mined does Monocle also have to change?

I think it's relatively safe. Just enable 2-factor authentication and pick a random generated password that's as long as possible. LastPass might be good for this. You're putting your faith in a 3rd party just like putting your money in a bank. They could run off, get hacked, or go bankrupt w/o warning.

It's a good idea to start off small and work your way up once you get a grasp of everything, this is what I did. It's cheaper to get 2x 750watt PSU instead of a single 1500w PSU for example. For my next 6x r9 290 rig I'll be using 2x 1300watt PSUs.

I meant a 10% overclock from stock speeds would be reasonable. Lowering temps does usually allow for better more stable overclocks but it's ratio depends on the card. Some cards/chips are temp bound and others are power(voltage) bound. I'd suggest looking over in the Mining Hardware thread for settings for your card and what you can expect. You can also try litecointalk.org or overclock.net forums. Also if you're able to achieve 2% better overclock by adding a $50 cooler, adding 75 more power consumption, and 10% more heat.. are you getting your money back by mining that much faster? Just something to think about.

PSU: You want to keep in mind that dedicated mining is a 24/7 operation and you want components that can hold up to that level of stress. Many cheap PSUs will list the wattage rating as Peak Power instead of Continuous Power. Check the voltage and rail assignments on the PSU. The 12v is the most important as that's what the video card is using. For a R9 290 you'll want at least 25-30amps on the 12v rail for a single card. Map out the rails and match it up to what you're plugging in.

OC: This is entirely dependent on the exact video card you have but I'd say at around 10% is reasonable. Scrypt tend to favor memory over core clocks but more important is the ratio between them and you're mining software settings. Most people find that 4GB of system is fine for Windows systems and you might get away with lower on a Linux build.

Pelter: Pelter's have always intrigued me but I've seen many stories of cracking CPUs back in the day. I've never seen someone use a pelter on a video card, there must be a reason. I personally like an open air rig using PCI-E extender cables. The one I currently have is in a plastic hanging file bin from Staples. I plan to build a custom open air metal case soon.

Components: As long as you have halfway decent components you'll be fine. They are just there to support your GPUs.

Warranty: If your going to overclock or modify the components by putting custom cooling on them it may not be covered under warranty if you break it. Some companies don't care and some do.

Additional, with all this power your drawing get your self a kill-a-watt meter and make sure you do not go over the power rating on your outlets. 15amp or 20amp 120v circuits are common in the USA and the continuous load is supposed to be 20% less. So for a 15amp circuit you should only draw 13amp continuous and 20amp circuit would be 16amp. If you go over this you risk tripping breakers or even catching something on fire at worst.