Honestly, if you're going to spend the money to start modding into water cooling, it's best to just stick with a completely custom/kit loop. So in my opinion, I would say no, but others may have a different answer to that.
so you're willing to spend about $120 on that closed loop, cut it up and run it outside its advertised functionality?
You can go into an entry level watercooling kit, like the XSPC raystorm RS240 kit for about ~$150 and will leave you lots of additional space/capacity to venture into other hardware cooling.
lets just go along your drift of modding the water 2.0:
1| the rad is constructed of aluminium and has high FPI count, bad in terms of galvanic corrosion and whizzing fans
2| the block/ cooling-chamber/block is of copper and is the only thing worth salvaging from your mod.
^ spending $120 for only a pump thas as feeble as an ant trying to take down a Goliath.
need more info on your watercooling workings? head down to the watercooling sticky in my sig.