LT1;s water pump is one of the efficient models, being cam driven. There is alot less friction losses turning the cam chain than there is a fan belt. Most lilely not much, if any HP gain there. See, it takes X HP tp move a cetian amount of water. Be it mechanical, or electrical means. Running a elec pump, where deos the electricity come from? The Alternator, which is driven by the engine. In older, belt driven water pumps, there is alot of friction losses in the belt, as well as pumping efficiency losses due to casting tolerances etc.