Well.. I compare it to Green Irish Tweed. Is it somewhat similar to Cool Water? Yes.. but not enough close in quality. I far prefer Green Irish Tweed but could never afford it so I make due with what I can.
Of course, the OP must have enough if it's an option so he could very well get it. Me on other hand, find Encre Noire a suitable substitute. Replacement? Not at all. The quality could be lower as well but the price is also around 130$ less. Just my 2 cents