The electric water pump has several advantages but, most importantly it will allow me to accurately control water temp and flow via customized ecu parameters. The stock system only flows at its full potential as RPM increases to the top end of the rpm band. As Tg mentioned the side benefit is less parasitic drag which equates to a marginally peppier feeling and a small hp gain. It is true however, that you will be putting an additional small load on the alternator. However, the pump draws ~6amps which is roughly comparable to an aftermarket stereo system.
The filter cap is made by UUC I bought it years ago for my s52 m3. It fits the m42 perfectly with no mods. These used to be widely popular about 10 years ago in the e36 market. I don't see too much info about this particular unit on google right now though.