I'm unsure about how restrictive the MCW range is; fairly sure its moderately restrictive to higher in the range, but as flow rate increases, it doesnt benefit as much as other blocks from extreme flow rate (ie, tdx, rbx, ww)
Yes, head pressure is generally more important than max flow, because max flow is rated at 0 head; or in other words, 0 restriction. A pump with 0.5m of head and 2000lph wont help you much, but one with 3.2m with 800lph will do a better job. The first pump will run out of pressure very shortly in to the loop, whereas the latter will handle more restriction and end up with a greater overall final flow rate.
Short story - pressure is more important that flow. However, the block you have wont see dramatic improvements with higher flow rates compared to some others.
http://www.overclockers.com/articles1026/
JoeC seems to think that its quite restrictive; however, its still very compeditive at lower flow rates.