Frankly I'd consider changing an Iwaki for anything but a Sequence to be a downgrade.
Any idea where the bubbles are coming from? I assume you've checked to make sure the pump isn't cavitating. The only thing I can think of is if the impeller chamber is leaking, that may just be a matter of tightening the bolts (CAREFULLY) or replacing the o-rings.
Just about every component of an Iwaki is available as replacement parts...