Heat generated is only equal to watts. The wattage of the pump is the only factor in what creates heat. Regardless of the size of the pump, the watts it uses is directly convert into RPM's for the impeller and that is what generates heat. That is simple physics. So, if you have a larger pump, and "throttle it back" with a valve, the RPM's remain the same. It is just less effective. True, there is a change in RPM's due to frictional forces, but they are negligible in this example. The point is, the motor still uses the same RPM's, and produces the same impeller speed, and produces the same heat output proportional to wattage.
The whole point... either use the pump as is, valve it and don't look back, or use the maximum wattage of the pump in a closed loop and highly efficient system or don't. It is up to you. There is A LOT of info out there on these topics and you are the judge, jury and executioner.
Brandon