"Increasing the fan RPM to 51dBA and
sustaining about 80-83C on the core, we see that power consumption is around 26A from the PSU, whereas the Hybrid card’s power consumption – with temperatures around 43C – sits closer to the 23.4A mark. This is also largely unchanging from the start of the test to the end, while the air-cooled card scales from about 22A to 26A over the period of the test. After the relatively short burn-in period, the air-cooled card is drawing an additional 2.6A over the hybrid mod, resulting in a power leakage of 31W due to heat."
From:
http://www.gamersnexus.net/guides/2986-amd-vega-hybrid-mod-results-overclocking-liquid-vs-air/page-2
Does make a small difference, but yeah the pump is probably going to eat into that reduction in power consumption.