No way to bypass, and even if there was, I wouldn't because it would void the nice warranty that came with it.
I love the hot water heater - the longer it goes the hotter it gets as it gets warmed up, and the 5g water tank allows the heater the time it needs to get up to full speed. Most of them don't have the tank. It is natural gas, but it is VERY efficient (at least compared to our 35yr old one we had...). I am very glad we have it - I love it.
I am on town water, I have enough pressure that I have no need for a booster.
I am looking at this
http://cgi.ebay.com/REEF-HOME-RO-DI-...3%3A1|294%3A50 unit. It has a storage tank and with the drinking faucet and a "reef" (DI) faucet so it isn't hard to bypass the di for drinking water. Bit big though, I have to check if there is enough room under my sink before I buy it. Anyone else have this one? What do you think of it?