Interesting that they offer this pulley, wasn't aware of it. It's pretty simple I guess, a smaller pulley will spin the water pump faster thus, in theory, more coolant flow at a given RPM.
Does this make the engine run cooler? I would say, "it depends." Pushing more coolant through the system might make the engine run cooler. But with faster flow that means the coolant is spending less time in the radiator so it might not be transferring as much heat, thus negating the desired effect. At lower RPM's maybe the effect is minimal and there is in fact more cooling, but at higher RPMs this faster flow could become an issue. At the same time more engine power is being used to move this larger qty of coolant, so there's a touch less available to accelerate the car. But that's probably negligible, doubt that the small power loss would be felt.
From an empirical standpoint I have seen that RPM definitely affects cooling. My car will run all day at medium to highway speeds in >95F (35C) ambient conditions and the engine temp rarely goes above 90C or so, usually it's cooler than that. But if it has to idle for any length of time it will get to 100C, maybe a touch higher at times.
Is this a problem? No it isn't, the cooling fans kick in and keep it well within a safe range. Per the owners manual (see below) this is exactly the way the system is designed to function. Further, it indicates that the critical temp is 120C since the proper coolant mixture combined with the pressurized system doesn't boil until above that point, at which time the gauge cluster warning lamp would illuminate. Although I'd be pretty nervous if my temps ever got anywhere near this range, which thankfully they don't. The manual stipulates that temps over 100C while idling need not be of concern, as long as they stay below the critical point.
Bottom line my feeling is the Lotus engineers probably did extensive testing when they developed the V8 and sized the water pump pulley for an optimal cooling balance between low and high speed motoring, and minimal parasitic power loss. Has R&B's pulley been through the same testing process? Do they present any data about the cooling effects at low and high speeds in various ambient temps?
If you have a cooling issue my advice would be take the usual steps ie flush the system, ensure proper coolant mixture, clean radiator debris, etc. Easier and less risky than trying to replace the pump pulley. But if you do move forward with the pulley replacement please post the results, I'm sure they would be of interest to all V8 owners.