Not abandoning the pump, just fine-tuning so I don't have to fiddle with it as much. Using the pump and PID, the temp stays exactly where I set it. I have watched the PID cycle during the mash (while the pump is running) and it fires for a few seconds and then waits for several minutes, fires for a few seconds, etc. If I had to guess it is probably running about a 2% duty cycle during the mash (basically not doing much at all).
I know that you don't want to deal with the blanket thing (neither do I) but quite honestly with a blanket or old winter parka wrapped around the kettle (and not running the pump/PID) I won't lose more then one or two degrees over the course of an hour mash anyway, so the question remains as to whether recirculating during mash is really necessary. (It's not)
The basket is no longer a flow restriction after my swiss cheese modification, if a flow restriction develops it appears to be after several minutes of recirculation when the grain bed gets set. The liquor starts running very clear but the pump is then drawing faster than the liquid can run through the grain bed. Hence, I adjust flow rates until the level in the pot remains stable (which normally ends up with the flow at a mere trickle).
If I had to do it over gain I would still include the pump. I like the extra "tech" and I can confirm that recirculating during temp increases/steps is definitely an advantage with the pump and that alone is worth the expense for me. Whether the expense is justified merely to prevent a drop of a couple degrees over the course of a mash is debatable (right PP?).
For someone thinking about building a similar system and trying to keep the cost down I would recommend building the kettle and control box first, hold off on the pump and use the BB manual recirc method. The pump and associated plumbing, hoses, and such added @ $200.00 to my build cost. If cost isn't so much of an issue I would say get the pump and enjoy the extra bit of fiddling around it requires.
Admittedly, having the pump on the system adds a bit more complexity to a rather simple brewing process but nothing like going to full blown 3V. Only you can decide whether you want to add that extra layer or go truly "KISS". Of course, if you ever tire of monkeying with adjusting and monitoring flows and temps during the mash you can always just leave the pump and PID off during the mash and throw a blanket over it. I call that a win-win situation.