........
Even if you're pumping icewater for added chill speed, it's completely ridiculous to put the wastewater back into the your basin if you haven't "precooled" the wort with plain tap water. The output of the coolant at minute zero should be somewhere near 180F and it would make a lot of sense to collect the first 5 gallons or so for cleanup while replenishing the spent icewater with tap.
Only with an IC. When I use my CFC I pump from the cooler full of ice water thru the CFC and straight back to the cooler. It only takes one pass thru the CFC (the wort) and it's straight into the fermenter and 58 degrees.
I'm not sure after thinking about it that the theory of the entire body of wort sitting at near boiling temps concerns me. For the 10 minutes it takes to pump your wort thru the CFC, its not going to matter. If you boil for 60 minutes it would be like a "70 minute boil". If you brew for 90 and are concerned, shave it back to 80 and adjust your hop additions.
I'm staying with my CFC. Not worried about cold break either.