Plugging anything that will run constantly into a LiPo can never be a good idea. ESCs that say "LiPo Safe" usually cut power when the voltages gets low to avoid damage to the LiPo. A motor constantly running will just carry on discharging until the LiPo is beyond help. This is especially likely to happen during the "LiPo Safe" warning period.
Having to water cool a motor means that it is having more asked of it than it should deliver. In a fast boat pushing beyond normal limits, OK, but any other time it is just introducing an unwanted path for water to enter the hull.
If the pump (as said earlier, continuous rated) has a DC motor, it can be driven via a switch or an ESC. The switch could be a dedicated electronic switcher, it could be a switch operated by a servo. If an ESC is used, depending on the type of pump, it might need either a forward only type, or be connected to the ESC output via a bridge rectifier. Depends on whether the mechanical bit is or isn't bidirectional.