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In your case I guess a decent enough heat dissipation : including a heatsink and a fan will do the job. use a good quality thermal pads instead of thermal paste (which will mess the aesthetics).
A Thermoelectric Module will consume humungous amount of power firstly and secondly the work by getting really chilly at one side but really hot on the other So in fact, though your CPU will be chilled, you still have a heat issue for rest of the system. And finally just a thought, these modules go really low temp so the module may condense any water present in the air right on top of the electronics. Not a good sign hmm. ..
Thank you Gurinder, I had considered the issue of condensation and thought if I delayed powering the peltier module on after booting the Pi it might be safe. I'll research some options.