As Joe said, I picked up his Kill-A-Watt meter. Thanks Joe. I tested it on the magnetic drive Eheim 1262 submersible pump I have as the circulation pump for my 1/2 horse chiller, and this was tested while doing that. Real world stuff, I guess. I have a ball valve on the output. 3/4" tubing throughout and 3/4" inlet/outlet on the chiller.
Now this pump is supposed to draw 80 watts when on, but when I plugged it into the meter, at full throttle (ball valve completely open) it only drew 50 watts continuous. Not bad. Pretty efficient. Then I closed the ball valve about halfway (90 degree turn from full open to full stop) and the watts used went down to about 43, then to almost closed (10-15 degrees open) the watts used went down to 35.
So I guess the answer is yes to my question. The watts drawn goes down when you restrict the output of a magnetic drive type submersible pump.
BUT, it really didn't go down that much, which makes me think that an oversized pump with the output valved down is not the best choice for any application because the amount of watts used is still going to be higher than a less powerful pump wide open. So if you need, say, 500 GPH you'd be better off getting an Eheim 1260 (600 GPH) and running it wide open instead of a 1262 (900 GPH) and ball valving down the output. If the 1260 is as efficient as the 1262, it will likely draw less watts and pump more than a 1262 valved down to a comparable flow rate, costing less to run and costing less to buy as well.
So I would have to draw the conclusion that the best choice would be a pump appropriately sized to the task at hand, runnign fully open, at least in regards to a mag drive type submersible.
If what I posted is wrong, please feel free to correct me.
I have a Pan World 100-PX-X external I use as a return for my 210 I will test as well and report back.
Dave