It'd free up maaaaaaaybe 1hp. Maybe.
Fun fact: *slower* moving water is more efficient at transferring heat! If it goes too fast then it won't transfer very much at all, as water isn't actually a great heat exchanger. It's just convenient and works well enough. Note that this partially ignores various arguments about the precise definition of "efficiency" and whatnot.
In ye olden days, underdrive pulleys were more useful for the alternator and power steering pump, which do take quite a bit (can get up to 10hp to 20hp depending on load). The alt/pump were wildly overbuilt so you could underdrive them and still make out OK, especially for a car primarily intended for the strip. Modern systems are extremely tweaked to minimize the unnecessary power draw, so won't get nearly as much benefit - at least with a still functioning steering assist and charging system. ECU controlled PWM alternators were exotic 20 years ago, but quite common now. And various steering systems that don't rely on a vane pump are common. Heck, they're even doing magic with the transmission pump to minimize its power usage when unnecessary.
But, the pulley is pretty. I wouldn't hold it against anyone for getting it.