No it's not. Part of your water bill is sustinence.
Again, if you had said, "I am going to drill my own well" that would have been innovative and using your own resources. How is rearranging the piping innovative?
It can be. Drip irrigation for example, uses much less water. Even just rearranging the sprinkler heads can reduce consumption. Using an automatic system can also reduce consumption, as you can water when evaporation will be less, rather than when you can be there, can also save water.
Drilling you own well is all fine and good, but may not be possible or practical. You might have to go too deep, there might not be any good water at drill able depths. Where I live we use surface water, (YUK), even though just a few 10s of miles away is one of the best fast recharge aquifers in the country, the Edwards, water from it even tastes good.