Consideration must be also taken to how the water cooled condenser is piped.
It should be piped with the supply water into the bottom and out the top so that the water will fill all the piping inside the condensor and leave no air traps.
If not piped that way air traps on the top of the tubing will form and create hot spots which will eventually lead to a bad condensor and/or high head pressure.
The condensor should also be piped with a "reverse flow" meaning that the discharge from the compressor is piped so it meets the coldest of the supply water.
Once those two ingredients are in place, then the water regulating valve should be mounted at the highest spot of the water cooled condenser at the exit of that condensor.
That way all the water will not only fill all the tubing but the supply pressure from the pump/water supply will keep the water pressing up against the tubing.