The pump doesn't need to run at a higher rpm for 12 hours a day. It only needs to run at a high enough rpm for 2-4 hours a day (or so) for the IFCS to do a good job. In addition, it needs to run fast enough to close the SWG flow switch for the needed hours that the SWG needs to produce the required chlorine. The rpm for chlorine production is usually lower than that needed for the IFCS. Any run time the pool owner wants to run outside of IFCS and SWG time can be at about 1000 rpm.
As an example... based on 12 hour run time per day
IFCS - 4 hours at 2900rpm
SWG - 8 hours per day - minimum 1400rpm - 4 hours at 2900rpm (IFCS) and 4 hours at 1400rpm
Extra time - 4 hours at 1000rpm
The above is just an example and not necessarily what the OP pool actually needs. OP will need to determine run times based on how clean they want the pool and how much chlorine needs to be produced. Lots of variables present.
I still don't see the need to downsize the impeller. If downsized impeller is used, pump will need a higher rpm for the IFCS to be effective.
@JamesW - if the IFCS needs a specific pressure and/or flow rate to do its job, how does downsizing the impeller save electricity if the pump needs a higher rpm to provide the IFCS a specific presure/flow rate to clean effectively?
For my pool, 2900rpm for 4 hours per day provides adequate IFCS cleaning and 1100rpm is more than adequate for SWG production and skimming needs. I run 24/7 and cost is less than $20/month.