I don’t think you can bypass the compressor. The compressor may not need to work as hard, and for sure you are pumping less water. But the refrigerant has to work between a certain operating temperature, and too hot could mean too much pressure inside the compressor loop, as well as causing vapor locks and stressing the compressor seals. It most likely would need to be mixed to get into say the 75 degree max range.
With just a normal geothermal system for home heating, it should considerably lower your heating bills. If you can install the loop yourself, you may knock off quite a bit in installation costs.
You could add essentially a secondary radiator for the hot water, then just run the house circulation fan. It could then be two separate systems.