Actually it's not a bad idea, it's basically the same as most automatic trans pumps so I don't think there will be any reliability issues with it.
Conventional oil pumps have to be sized for the motor at idle but once RPMs start increasing the amount of oil pumped increases MUCH faster/more than the amount of oil the engine needs so they turn out to be very wasteful/inefficient designs that bypass a large percentage of their flow most of the time.
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