VPL
For the most part I agree with you, in the piping system outside of the pump. Inside the pump I'd have to attach a couple qualifiers to your statement. First, a quote from one of the pumper's bibles (Cameron Hydraulics)
"In a centrifugal pump the head developed (in feet) is dependent on the velocity of the liquid as it enters the impeller eye and as it leaves the impeller periphery and therefore is independent of the specific gravity of the liquid. The pressure head developed (in psi) will be directly proportional to the specific gravity.
In addition, even while the head developed (as opposed to pressure head) remains the same, power required is also directly proportional to the specific gravity.
As for applying specific gravity to directly factor the vendor's NPSHR in water to determine an effective NPSHR for the pump, I'd have to see proof this could be done before even considering something like that, as it goes against everything I've ever understood about NPSHR corrections.
While NPSHR corrections for lighter liquids exist, mainly hydrocarbons and hot water, based on test data available in a number of texts, including Karassik's Pump Handbook, Cameron Hydraulic Data, and more thoroughly by the Hydraulic Institute, these come with a variety of conditions and disclaimers. Note, this is information derived from actual testing, not basic fluid flow theory.
When calculating NPSHA, on the other hand, I agree completely. Actual fluid SG (or specific weight) has to be used when calculating the difference between the available suction pressure head and the vapour pressure, even though NPSHR is in terms of water, NPSHA can't be calculated as water unless you're actually pumping it and it's cold.