I thought I would give a step by step guide to changing the pump for the Reserator 1 V2. I chose to go with an external pump (Swiftech - Sidewinder Custom MCP655 / Laing D5 with G 3/8 Threads - 317 GPH). MY CPU TEMP WENT DOWN 12 DEGREES (C).
Since we could not get the base off to remove the pump as the manual suggests, I had my wife reach down (my arms are too big to fit) and unscrew one of the sides holding the old pump in place (the band is blue on mine). Once she flipped it to the side, I was able to reach down with a longer tool with a hook on the end and basically pulled and ripped the old power cable out (it broke right where the cord comes out from the bottom of the Reserator). After we removed the pump and remaining power cord, we removed all other parts (1 screw and the band covering the old pump). After everything was out, I used silicon filler to block the hole left from where the power cord exited the Reserator (I used Q-tips to push the silicon in far enough to make sure there were no leaks. After filling the hole, I let the silicon cure overnight (14 hours or so). The next step was to fill the Reserator with the water/coolant solution to check for any leaks. All was good with the reservoir, I added the external pump to the loop (I couldn't fit it the chassis, so it sits right outside the case - if you have ever seen the size of the Radeon 5970 you'll understand why I couldn't fit it into the case. After completing the loop, I turned on my computer and proceeded to bleed the loop to rid it of all the air in the loop. This new external pump pushes the liquid through the loop at more than 10 times that of the old internal pump. As a result, my temperature dropped by 12 degrees (c) when it's idling.
NOTE: Many people have rated this as "intermediate", which I don't doubt, if you're able to unscrew the base, but if you cannot get the base off, IMHO, I would suggest this is an "advanced" process.
I'm glad I finally got this done and I'm now prepared for the summer heat to come along and hopefully maintain the same temps while idling. I have not played Cysis yet or done a full load test yet, but I suspect that I will still have a significant drop in temps.
Thank you everyone for your great suggestions and for your help. I hope this feedback is able to help the next person who gets stuck trying to unscrew the base without any luck.