Yes, no water pump, don't need it with alky, matter-a-fact your motor will make more power with higher engine temps, 180-200°, with water in the block & heads. Another reason to run water is you can get the motor hotter = more HP.
All the iron JrFuelers warm-up just before towing to the staging lanes, and allot of teams put a blanket over the motor to tow to the staging lanes. Keep-in-mind you will need to lean your barrel valve to build heat. Some teams have the driver pull the fuel shut-off abit to lean it down while backing up from burn-out. This takes some practice in the pits or you can kill the motor.
As far as controlling the water pressure, we just use a fuel injection high-speed lean-out valve and adjust it to 8-15 # to bleed the expansion into a puke tank. We have found it's best to plumb the water hoses from each side into a "T" then into the pressure valve, to keep the pressure equal on each side. Some teams fab a radiator cap and manifold, we like our way because it's cleaner looking, and we can fine adjust it with a shim or two. KISS.
Included picture shows the high-speed valve and puke tank, the fitting on the right is for our vacuum pump/ crank case puke hose.
Feel free to call with any questions, 805-444-4489
Jon