Just FYI, soft starters will not save you any energy, so the comparison is just to running at full speed.
Don't be overly concerned with VFD losses that "increase as you decrease speed". Those losses are as a percentage of power consumed, but in a centrifugal load your consumed power decreases at the cube of the speed. So although your PERCENTAGE of power losses increases, the AMOUNT of losses barely changes. For example let's say you reduce your speed by 20% in order to reduce your flow to 75% (I'm making those values up). At full speed your VFD throughput efficiency was 98%, but at 98% speed it may be 97%. BUT, at full speed the losses were 2% of 350HP, so 5.2kW then at 80% speed your HP consumed is only 179.2HP, so the now 3% losses is only 4.01kW. So although your percentage of losses went up, your actual losses still went down.
There are plenty of "VFD Energy Savings" calculators available for free from VFD manufacturers and on the web which can take your installation and operation data input to calculate your expected savings. They will factor in the VFD losses etc. But to reiterate what has already been said here, your's is the type of situation usually used as a prime example of the energy savings potential of VFDs. One thing you may need to know however will be the pump speed that you will operate at to achieve 75% flow in your installation. You pump supplier should be able to supply you with a speed / flow / head curve that you can use to determine that.