shawnb, yes the diverter is a good idea for proper circulation and even cooling.
Check with Ken on the numbers on your pump. This will insure getting the correct impeller, if MMI does not have Ken can probably still give you a contact and a good number for the impeller. ITT is just another of the many that will work, however the correct impeller is a must. And there is always the new improved pump from MMI too.
Dave Neptune