Ahh, that's what I was forgetting...
Because my fortress was a ways away from the magma pipe (this was in 40d), I didn't want to do all the work with making blocks out of obsidian so far away. Instead, I used 7 solid steel pumps to force magma down a 5 tile wide path and pumped magma from the lowest level of the magma pipe. I actually managed to drain the first 6 z-levels of the pipe or so. The pumps were not powered, which in hindsight was an awesome idea as it created more jobs in the dwarven economy (so I'm a bit of a masochist). Forcing 7 pumps into a 5 tile path essentially pressurized the magma, allowing me to cast a new load very quickly. The walls drastically reduced evaporation, which in turn sped up production. Once I'd get the last path up to 2/7 magma, I'd go ahead and cast.
For water, I actually tapped directly into the brook on the surface... and when I say tapped I mean I carved a ramp directly into the middle and had my miner run for his bearded life. A 14 z-level fall pressurizes water very nicely, filling the water tank took about 15 seconds at 20 FPS and could be done while the haulers were busy making, binning, and storing the blocks. After two or three casts they'd carry all the bins to the surface (which didn't take long, all the masonry they were doing had most of them superdwarvenly strong) and build another z-level or two on the tower before dragging the bins back down to be refilled. Took about 8 dwarf years, but I finally had a constructed obsidian tower. Twas fun.