Well, I say it like it would be an easy task, but it may not be as I have not seen a GM pump in person. But the concept is simple enough. Just use a hall effect sensor to monitor the pump/motor shaft. That said you would need some sort of trigger device on the shaft or something pre-existing on the shaft that could used as a trigger, such as a notch or something like that. It would be the same principle in which the crankshaft position sensor works. The vanes on the back side of the balancer trigger the CPS. Cut out spots change the state of the CPS, and it changes state again when the tabs run between the slots in the sensor.
That all said, I like your flow detector even better. Though you could get away with a low cost one if you could find a small diameter pipe that had s spring action lever in it with an external tab or lever. The flow would act on the spring lever and cause the external one to swing one way when there was flow. Mount a hall effect sensor or even a micro switch on the pipe so that when there is flow the lever acts on the hall effect sensor or micro switch to close a circuit, such as power to an LED or something like that.
You could even go further and have a set up where if the lever went the other direction (indicating no flow) it could disrupt the boost bypass solenoid and limit boost. Oh if only I had a machine shop again.