Is this used for heating, or for your domestic hot water supply?
If it's your domestic hot water supply, the pump should be either stainless steel or bronze. If it's for heating, it can be a less expensive iron body as is usually used in hydronic heating system. The reason is, potable water will have some dissolved oxygen in it, and that will cause the iron bodied one (and impeller) to rust fairly quickly.
If it's domestic, it should purge itself quickly just by running a tap.
If it's heating, there may be a valve at the top with a drain. Hard to say without seeing the system. The isolation valves before and after the pump should limit the amount of draining and air that can get into the system when you replace it. That's if they aren't frozen, which was the case last time I needed to use them on my unit...I ended up having to replace them.