Newer engines are made of thinner materials and need better coolant circulation to minimise hot spots, unlike old engines which were just big lumps of thick steel. Thermosiphon will not work because by the time you get enough heat differentiation to get a flow, your head will be warped out and all your coolant will just be leaking into the cylinders and sump anyway.
Vote 1 for leaving mechanical water pump, oversize pulley may well be a viable option, but may not provide adequate flow in really hot weather, don't know.
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