Efthreeoh et al,
Again, thanks for the guidance on the water pump.
As an update, I purchased the Bavarian Enthusiast Kit - Option 1, and took some readings on my Water Pump, which are shown in the screen shot below. I'm new with the tool, and basically started with:
1) Looking for any faults under "Engine" - I found no faults, which I think is a good sign. That is, I found no water pump faults such as "2E81 (Electrical Cooling Pump: Speed Deviation)".
2) Took some basic readings on the water pump while the car was idling, soon after I turned the car on (i.e., 2-4 minutes after start up). I'm not sure what to make of these readings, but I'll start tracking them and see if I can detect any sort of trend over time.
Hope to post updates over time