I don't really think there are any real pros or cons. I just wired my temp controller to the pump to switch of if the mash ever gets to hot. But what your talking about here would be having the temp controller controlling soleniods so when or if the mash gets to hot it would still keep recycling the mash correct?.
So maybe a pro would be the mash liquior is recycled for the duration of the mash.
As to how recycling the mash the whole time would be better i don't have any technical answer, just a generalized comment, which is maybe the mash would be complete in less time.
I did once think about using a bypass but ended up thinking there was no real need for doing it.
Sorry no real help.
PS the email address i have for you at unisa is not working.