iono, I'd be concerned about inadequate flow with an underdrive pulley, not something I'd risk. A lot of cars aren't geared long enough to stay under 2500 on the highway, and by 3000 I imagine the water pump is sapping power comparable to the alternator, but that's just a wild guess.
As far as reliability goes, dual water pumps running parallel will basically guarantee that you won't be stranded if a pump goes out, but that adds to the cost of course, and the higher quality pumps are pricey to start with. With a daily driver I guess you could argue it's not worth the effort to save say a hundred watts for a fraction of a second under acceleration, but for a hybrid car that gets it electrical energy more efficiently, or a car with a high revving motor, I think it could be a good idea.
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