Can you reduce the head and use air to move the water instead? Would save you a lot on energy costs and would aerate the water at the same time.
Possibly, but I'd still have to replace the water periodically. I've considered this possibility.
If your raceway is eight or nine feet up from the lake an airlift is not an option.
JKB is the man to ask about efficient water pumps...
Looks like Scott (Esshup) knows a bit about it too.