If a 1/2 HP pump is enough to run the sprinklers it would not seem to be a great idea to install a 1 HP pump that needs to be throttled so it delivers the flow of the 1/2 HP pump.
Throttling a centrifugal pump (any pump you are likely to use is a centrifugal pump of some kind) will cause it to use less power than at rated flow, but a 1 HP pump delivering the flow that you can get from a 1/2 HP pump will use at least 50% more electricity than the 1/2 HP pump.
EXAMPLE:
I calculated the power per GPM for a Goulds 33GS20, for which efficiency curves are available. I compared performance per unit of water delivered at the rated GPM and at 50% of the rated GPM.
A Goulds 33GS20 pump has 67% efficiency at 33 GPM and 195 ft of head. It uses 2.427 HP (motor has a Service Factor of 1.25) and the Franklin 3-wire motor is at 73% efficiency at service factor load. It is using 2.481 kW and 0.0752 kW per GPM.
http://www.goulds.com/pdf/7312.pdf
http://www.franklin-electric.com/manual/AIM_13.htm
The same pump throttled to 50% flow (16.5 GPM) has 53% efficiency and 260 ft of head. It is using 2.046 HP (16% less than at rated flow) and the same motor at rated load is 71% efficient. It is using 2.149 kW at that condition which is 0.1303 kW per GPM.
The effect of throttling the pump causes the ratio of electrical power per GPM at half-flow to power per GPM at full flow to be 0.1303/0.0752 = 1.733. That is 73% more power per GPM (or kWhr per gallon) at half-flow than if the pump is operated at rated flow.
Conclusion:
Throttling the flow does indeed reduce the power used by the pump.
In this example the power was reduced by 16% from the power at full flow.
However, the effect on power per amount of water pumped is significantly greater when the pump is operated at half-flow. In this case the pump uses
73% more energy per gallon delivered at half flow than it does at full flow.
The conclusion is that pumps should be selected and operated near the point of maximum efficiency, which is usually near the rated flow. Oversizing the pump and throttling the flow imposes a severe energy penalty.