All of this testing has been done "Above Ground" so far, so I am going to do some testing underground.
It works exactly the same below ground as above.
Of course, when you have a reactor producing 10,000 units of power the 10 units of power for the pump are not going to matter
Good luck getting flow in 300 tiles with 1 pump: the limiting factor to how big you can build the reactor seems to be how quickly you can fill it: it only seems to work if all the tiles get to 7/7 (or another equilibrium level above 4/7) at about the same time. If you try to fill a really big hole, not all the tiles reliably have flow, especially (in my experience) those that are further from the pump output. You can use multiple pumps to fill it up faster and get reliable flow in all tiles.
Also, if you don't want to power the pump when it's all said and done, just disconnect it from the power train (or don't ever connect it and use dwarf power instead) or put a floodgate (or bridge, door, etc) between the output and the reservoir and deconstruct it.
Other things of interest, which are relevant to this topic:
I did a test embark on the head of a brook.
1. I put a waterwheel in a 5-tile murky pool on the same level as the brook, and there was no flow.
a. I channeled the 5 tiles into 7 tiles, which split up the water into seven 5/7s and made the waterwheel perpetually spin.
2. The little pools at the head of the brook have flow.
3. When I channeled a 5x4 pool next to the brook and overflowed it from the level above, the wheel in it did not spin (which was my goal, I had pumped it in starts and stops in an attempt to prevent the perpetual flow in the pool).
a. When I channeled out a diagonal between it and the stream, the wheel did not spin.
b. When I gave it a full orthogonal connection, the wheel did not spin.
c. Only when I took dug out pretty much the entire side of the pool did the wheel pick up the flow from the brook.
I guess this is probably just another example of the state of water getting "locked" (presumably in a pathing-reduction measure by Toady). You can also see it in u-bend pathing, if you make a u-bend and put a hatch above the lowest level of one side, fill up the other side with buckets (such that one side has several z-levels of water, while the other has only one, locked below a hatch), and open the hatch, the water will stay in place. You have to disturb the water by giving it an "obvious" exit (one that doesn't involve pathing upwards) in order to make it start moving.