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One thing to consider is how you're powering your electric water pump. If it's alternator-produced electricity, that's an automatic -50% efficiency vs something mechanically driven. Certainly, mechanical water pumps waste energy by pumping more water than they need to, but I have my doubts that an electric one running on a conventional 12v system would be any better.
The only mainstream mass produced engine I'm aware of that uses an electric water pump is on Toyota's latest hybrid engine (e.g. 4th gen Prius). This is powered by the high voltage system, and producing the energy to run it is less wasteful.
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