Cool project! Have been thinking about putting a ultrasonic (vortex shedding) flow meter in the raw water pick-up side along with tach output and use Arduino to read the sensors and drive a simple display that lets me know raw water flow is within a nominal band for engine rpm. Would calibrate it with new impeller, cover and cam. Finding a good raw water flow sensor that is affordable and "trustable" below the waterline is not an easy task.
Because I flush the raw water side of my engine by diverting the pick-up side to draw from a bucket of freshwater, I can monitor the health of the impeller, which normally pumps out a 4 gal bucket in about 70 sec at 750-800 RPMs. After about 2 hours of motoring one day, my 2GM20F suddenly would not pick up raw water at idle when flushing the engine. Turns out impeller was fine (year old), but the cover was grooved deeply enough to begin causing a problem - I replaced the cover and cam as well. I now understand why the cover gaskets are thin paper or skinny orings!
Dan