You could do all that but an alternative would be to put a point-of-use heater such as the Ariston GL4 in the area where the water serves your shower and presumably the lavatory. It should be supplied by your existing hot water line so it will provide hot water immediately and the temperature will fall only slightly, with your shower controlling constant temperature output, until the hot water arrives from your central heater.
The POU heater operates off a 115 volt circuit and since it is only maintaining its temperature and heating a little "pipe water" it will add little to the kWh that you use.
You are probably heating the ground with your existing hot water line and a circulator system will exacerbate that problem.





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