I've converted my 89 Formula 350 over to a Champcar / LuckyDog road racer.. So far I've run 2 races and melted 2 power steering pumps, the second at Buttonwillow Raceway in spectacular fashion in excess of 300 degrees. For my next race I've done a pulley underdrive to slow it down about %20 and added a 11"x8" cooler in the stock battery location with an air duct.
Due to the Champcar rules I'm a little limited to how crazy I can get.

Any other experience or ideas?

 

Any kind of cooler will be a big improvement. Not sure if I would want to do the underdrive pulley though.

 

In addition to cooling down the pump by slowing it down I was hoping to take away some of the twitchiness of the stock power steering. I definitely don't want a manual box but a little more effort would be nice. We're generally running 1 1/2 to 2 hour shifts in the car at 3500-5000 rpm so slowing down the water pump seems like an added benefit. I'm not tossing the stockers in the trash so its a 20 minute swap if that part doesn't work out.

 

Underdrive pulleys on a street car are even a bad idea. I had them on a pickup truck. Just slowing down the alternator caused low rpm problems.

On my race car, I have 3 belts. 1 for the alternator running at around 2.5:1. Vacuum pump is around 3:1 and fuel pump is around 1.5:1. Water pump is electric and manual steering. I spin the engine to around 7400 rpm but it's only there briefly.

All belt driven accessories are designed to run in a specific rpm range. Since you're staying below 5000 rpm engine speed, slowing stuff down isn't required.

If you were running circle track with the engine running constantly in the 6000-8000 range for extended periods of time, I'd consider slowing accessories down.