I very rarely ever work with closed loops. So, someone please correct me if I am wrong. But, it is not possible that the entire loop is pressuring up as it heats up because there is no accommodation made for thermal expansion. In other words, if all you did was open a bleed valve and drop the pressure of the entire loop, the suction pressure to the pump would be reduced, which would reduce the discharge pressure.
In a closed loop running at elevated temperature, I would expect to see some expansion chamber, vapor space in a vessel, bladder accumulator, etc. I have a closed loop hot water boiler at my cabin. If I blocked in the bladder accumulator with the system cold, and then fired up the boiler, I would expect the loop to pressure up and pop the relief valve
Determine the flow rate based on the pressures. Read the suction pressure and discharge pressure. Calculate the running head and plot it on the curve. If the curve is reasonably accurate, this will tell you the approximate flow rate.
If the entire loop is pressuring up because of expansion, cutting the impeller diameter may not solve the problem.
Under no circumstance would I suggest pinching on a gate valve on the suction to the pump. You can pinch down on the discharge valve as a test to see what affect an orifice is likely to have. But running that way long term will result in premature valve failure.
Johnny Pellin