Couple of forum members have done the Engel conversion. Haven't seen anyone on here do another ballast system on the U47, however have seen continential modellers do it- the Robbe kits are very popular in France and Germany. Bear in mind that the design of the Robbe Seawolf is very similar (internally), the U47 just being a bigger version really, so you can snatch a few ideas from those conversions too.
Worth having a look at rcboot.de and forumsousmarin.fr
You will have to navigate the lingo, I find google translator helps enormously if your French or German sucks like mine.
Bear in mind that most, if not all of the modifications required for the Engel conversion will apply to a water pump system too. The main Achillies heel of the Robbe boats appears to be the hull seal and latching system- which isn't really designed for significant internal pressurization. A lack of propshaft seals and also weakening of the tech rack when installing a ballast tank are other points to note.