Sean,
It'd work,But really drag the engine especially @ Hwy speeds (MPG suffer)
AND put excess wear on the whole Serpentine Belt Drive System.
I'm surprised you haven't gone to Evan's Waterless Coolant
(Much cooler Operating temps [up to 10Fcooler],even under extreme Load/Heat conditions)
It does not "Pressurize" the system like water based coolants.
(You would want to plug the H2O pump's weep holes with "Something" [RTV?]
and also seal off the Overflow Tank Exit [in the passenger side Fender.]The
Evan's is hygroscopic, and any water introduced lowers benefits.)
http://www.evanscooling.com/catalog/C_npg1.htm