Well, it's been running for a while and here are my results:
WD drive worked fine for 24 hours - spun up and down as necessary. At around 30 hours, the drive would no longer spin down - this is coincidentally about the same time the three Macs finished doing their backups.
Power cycling the TC would not cure this issue - the drive just spins up. If all the backup processes are halted beforehand, 3 minutes later the drive would spin down and immediately spin back up again - and remain spun up from then on.
With the three macs on the network, the TC only got about 20 minutes rest (at most) between one of them backing something up. The 1TB original drive (I thought it was a Seagate, it turns out to be a Hitachi) was noisy and hot. It did spin up and down, several time an hour.
The new drive, while spinning constantly, generates a lot less heat than its predecessor. TC went from really hot to just warm. So the net result is the drive spins all the time but runs a lot cooler. I can live with this, I suppose the components in the TC will appreciate this in the long run too - it somehow dodged the 18-month death curse a lot of them suffered.