If your 1800RPM motor is running at 80% load with the pump at 900 shaft RPM, then your pump is still requiring 80% load. The only losses are in the ECC itself, not based on the speed. The speed is just determining your flow rate through the pump. I would be suprised if your losses throught he ECC are greater than 5% total. But your savings from using a VFD will still be greater. The power curve on the ECC in linear, while the power curve on a centrifugal pump powered by a VFD follows the afinity law. The power required is the cube of the speed, so at 50% speed, your pump will draw .5 x .5 x .5 power, or 1/8th that of full speed. If you want a true measure of savings expected, plot the running time with the operating speed, and keep track of the KWH over a specific time, say a month. You can then use a payback analysis software program that will calculate your operating costs on the VFD for that same time period and compare it to the costs of running the ECC.
However...
If your pump is not working right, it seems to me that this excersise is pointless. What you really need to do is re-engineer your pump requirement from the bottom up. Start with head, flow and pressure, then pick a pump curve that works for you, then determine maximum BHP, then select a motor based on that, then buy a VFD for that motor. Who cares what the old system did if it was failing? Quando Omni Flunkus Moritati