The Davies Craig electric water pump controller has its own thermocouple sensor, and when the engine is cold, it only runs the pump in occasional short bursts. As the temperature increases, it increases the duty cycle of the water pump. So the warm up time shouldn't be much different than a stock thermostat with some small holes drilled in it.
Some builders just leave the stock coolant pump, with the chain removed. Others have cut the fins off the aluminum impeller, again removing the chain drive.
According to my search engine:
"A conventional water pump can consume approximately 15 horsepower between 6000 and 7000 RPM. In contrast, an electric water pump typically draws a maximum of 15 amps, which equates to about 1/3 horsepower."