Just keeping the water from freezing isn't it's only function. Like what you stated, it increases the boiling point, but also has a corrosion inhibitor that keeps the system clean.
Tap water will only make it rust (because it has a bunch of minerals, unlike distilled water), which is going to cause problems down the line. But since you're going to have the radiator out, it might be wroth while to flush the system to try and make sure most of the sediments are out so that the replacement rad doesn't fail prematurely.
Running strait antifreeze is senseless to me. Water has a higher cooling capacity, as well as 50/50 mix being cheaper to run than strait antifreeze. IMO, I don't see any benefit to that at all.
FWIW, Running tap water in a radiator instantly voids the warantee if it's new.
Pete