Dogger,
From what I gather, the problem stems from the sidecase. The impeller & the impeller cover do not corrode. It is the case that is the problem. To reverse engineer the sidecase is possable, I am sure, but probably out of reach financially for most.
ANY H2O in the system (distilled, treated or otherwise) will cause corrosion. You have to run a waterless liquid in the system, or coat (as you suggested) the water pump area with some kind of flowable substance.
I for one use the above mentioned Evans NPG coolant
http://www.evanscooling.com/ . End of corrosion problem.
If you decide to reverse engineer the case, I would be interested in one... unless I would need to take out a bank loan !
Has ( is) anybody else using Evans NPG? I am curious.
Keep the comments coming. There is strength in numbers.