Jeff,
I don't know if this will help, but I do have a few suggestions that could aid in your design.
First off, a cheap chiller is a rare thing. Ones that are built on the cheap often require so much upkeep that they are hardly worth the effort.
That being said: I have a few suggestions based on my industry experience with cooling.
First, you can use just air to get it below room temp. If you can run the aquarium water through a heat exchanger (perhaps an radiator from an ATV or something) and mist water on the outside of the radiator, you will achieve this. In order to evaporate, energy is needed to change phase from a liquid to a gas. As the water on the outside of the cooler evaporates, it takes energy in the form of heat from the water within the radiator. At best this may only buy you 5 to 8 degrees below ambient.
Second, look into draft boxes. They are basically a setup that runs draft beer through a cooler filled with ice. This might help you out if you can control flow, etc. I would be concerned about delivering too much cooled liquid into the tank at once. Perhaps a bypass valve to mix chilled/unchilled water together at the outlet of the box?
Also finally, keep in mind that any pump will add heat to your system. The more powerful the pump or the "harder" the pump has to work, the more heat you enter into your system. I would suggest placing the pump before the chiller for this reason.
I'm totally a do-it-yourselfer so I know the appeal of projects all to well. When all is said and done though, you might just want to shell out the $400 for a chiller module.
Best of luck!
Oh, and for the record, no idea can fail as long as you've learned something.
Marcus