Why need complexity of liquid cooling just for 200W? You can dissipate that power without much trouble with something like Xeon 604 copper heatsink and high-CFM fan.
Also your FET is rated 0.31 °C/W, which is not a best in class, while this is really important if you want maximize your power rating without blowing things up.
Since your project is not really going after cheapest possible way, i'd recommend using something in ISOTOP (SOT227) package, which is really nice to bolt on your thermal solution directly. Like IXFN420N10T comes to mind. I had using IRF FB180SA10P before, not cheap, but works a treat, taking 260-300W into aluminum sink without much sweat (TJ calculated ~90C with 200CFM 120x120x38mm fans). Later used IRFP90N20P as well, they worked well for 140-180W with Aluminum sink with copper base (Xeon 603)
Big mosfet photo Also I'd ditch LMV324's, and replace it them to something more suitable, like AD8664, powered from +12-15V.
Always had ocsillations on some currents with LMV324.
And beware your grounds
You will quickly discover that ground is not 0V anymore when you pulling 500W thru a load.
Now you don't have differential sensing for current shunts, so both channels will be sweeping back and forth (e.g. you set 20A both channels, you get 19A on one, 21A on second due ground offsets, component mismatch, etc).