Dont you live in Texas? under-driving your water pump may be a bad idea depending on how hot its getting there, but my memories of texas were along the lines of 100 in the shade, if you could find some shade.. I just wouldnt advise it, overheating your engine can cause some damage in a hurry.
EDIT
Hold the press, i just re-read some of this, If you under-drive the crank, but over drive the water pump to compensate you will be aces, having slowed down the other non-critical parts on your engine. Im probably confused here, but if im remembering right my steeda kit had a LARGER water pump pully, making it an under-drive correct? Get exhaust and a tune and see how you like it man, thats the gateway to any other mods you may want to do in the future, pullies and a fan will run you $500 to do it right, and while they may get you some extra MPG, it wont sound like this ^_^
Also, the reason you can get away with playing with some other bolt ons after a tune from henson, is that its not a Dyno tune, he makes some slight adjustments to ignition timing, and maybe some fuel mapping. but the majority of the performance improvements you will see from his tunes are from his MAJOR refinements in the shift patterns of your explorer(my 140k mile trans shifts better than my fathers 45k 08 limited v8), thats how your gaining a half second in the 1/4 mile. If your tune was done on a Dyno, and it was a full blown tune as such, You would deffinately be wasting your money tuning every time you threw a new mod on, but as stated, you can get away with it because henson tunes arn't super precise unless you pay him to do some data-logging and he tunes your vehicle from a-far.
http://www.youtube.com/watch?v=cd3gFN_WuAI&feature=autoplay&list=UU_CdaHat1AKuYR0zooeVoWQ&playnext=1