Well sweet. Is the brittle PVC generally of any concern?
Depends on how brittle it is. If you can crack a piece of pipe using just your two hands, that's bad. Though the piping is over your hot water heater, and one side carries hot water obviously, and PVC degrades quicker at high temperature. So it's hopefully not representative of all the PVC pipe in your house.
As for the stuff you just put together, it's in the garage so if it breaks it won't cause too much damage. I wouldn't worry about it for the time being.
You can probably come up with something creative to use the "waste cool" in the summer. Does your house have any kind of central air system - eg, an ERV system?
Though keep in mind, Darkhelmet built someting where he used a hot water heater as a heatsink for an A/C setup without realizing how many KW of heat an A/C unit puts out on the hot side - it heated up the hot water heater stupidly quick and tripped off. The cooling provided by the water heater might not be all that significant compared to what's needed to cool your house, so spending time trying to duct that heat might not be worth the effort.
If you want to save as much as possible, I'd probably chat up an A/C guy and see if there's any efficiency improvements you can make on your A/C system itself, or on the rest of your house - eg, do you have insulated floors/decent windows?