It's a common thing on lower hp race cars with less than 300hp or to use electric water pumps in addition to the belt driven pump for extra cooling.
Here is an example:
http://forums.bimmerforums.com/forum/showthread.php?t=961380Stock pump is removed and replaced with a simple cap:



The electric water pump being used:

Not a very cheap thing to do since that water pump is $420. Cheaper electric water pumps are around $200-250.
Also you can't forget that the fan mounts to the water pump, so by eliminating the water pump, you also eliminate your ability to use a mechanical fan.
Lastly, by removing the water pump you also remove one of the pulleys so say goodbye to your stock length accessory belt and possibly needing to do something custom for the routing of the belt.
But switching to an electric water pump (and forcibly and electric fan and removing a pulley and water pump) you would definitely lower some engine rotating mass and remove some rotating drag. So maybe like 2-5 hp and slightly better mileage?