Well, besides sucking water from the radiator and pushing it into the block, a conventional water pump also circulates water through the block and heads, no?
Would an inline pump do a proper job of circulating the water around inside the block and heads or would the water just follow the path of least resistance straight out the thermostat opening and leave hot spots in the back of the block? Is the restrictor what causes the water to move around inside the engine?
Like Ron, I pictured the inline pump(s) up front close to the radiator. The balance of the plumbing like a bypass thermostat and cabin heater water supply I would try to model on John Taphorns design. Also all up front.
I think you can view Johns set up at the Space City Pantera site.
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