Clipping the water pump impeller will not fix the weeping freeze plug issue.
If you have a freeze plug pushing out, it was most going to weep anyway. Since cylinder pressure leaks into the coolant passages normally result in all the coolant getting pushed into the overflow bottle, I would start there. If you have a bad freeze plug, pull and replace it with the proper installation tool. It'll be fine. You could use a flat faced socket as well as long as it bears on the correct part of the plug.
You will need to fix that leaky head before you end up mixing water and oil. Studs are a minimum for elevated boost levels and as previously mentioned, the marine gasket is a better unit for the most part.
Clipping the water pump impeller is commonly done in street cars that have low gearing and cruise at higher rpm. The reason for clipping the impeller is to slow down coolant flow through the system. This reduces overheating in the high compression musclecars because the coolant does not stay in the radiator long enough to effectively cool the water. My '68 Firebird with a 455 has some cooling issues. So, I am no stranger to this.
Our Cummins trucks don't have this issue. And, the impeller does not create pressure! It simply moves fluid.
The pressure in the cooling system comes from heat and the cap. If you have pushed enough fluid out of the system into the bottle, the remaining coolant can boil and cause pressures to skyrocket! This can cause the radiator to fail, hoses to fail and freeze plugs to leak or become dislodged. It's all about surface area and tension.
Fix the leak. Keep the coolant at the proper level. And fix the combustion chamber leak to prevent these other issues from happening again.
Dave