I agree with Mike on a stock type water pump and a quality thermostat. I also like a tapped thermostat housing for the temperature sender so I know the exact temperature of the water leaving the block.

A good aluminum water pump from Weiand or Edelbrock with an under drive pulley will give you back anything you may gain with an electric pump and be less money as well.

My 2 cents - and ditto on the have fun part as well!!

Glenn