Why not add both pulleys and the pump? I did.....and it made a noticeable difference in pep and acceleration (as well as fuel economy) in my 6,000 lb F150 FX4 Supercrew, so I can just imagine the difference it would make in a Mustang weighing nearly half that?
Only because I think that UD installation for HP reasons is a waste of time (but that's just me). I'd run an aftermarket set of pullies form like March (or pick your favorite) as a way to dress up unerhood etc. I figure that done correctly (20% underdrive on all accessories and inverse overdrive on alternator) that your net RWHP gain is going to end being like ONE, or something (if lucky).
Now going to a set of UDs --AND-- and electric water pump? I'd be interesting in seeing a dyno for first: the pump, then again with the addition of the UDs to see what the final difference ended up being.