Pulley alignment worked out perfect using this deep water pump pulley and a 2-groove crank pulley from a smallblock I had under the bench. One bolt hole doesnt line up in the smallblock pulley. I just ovaled it with a drill and all is fine. If your alignment isnt perfect, you may be able to just use shims behind the pump pulley.  The shims are available in Summit and Jegs for about $4, and include 2 1/16 shims and a 1/8. The common method is to just mill the water pump the thickness of the ears plus gaskets. I thought, why bother paying for milling if the alt will be in a new location anyway? At least for me, it worked out better this way too.

One other step in this project is optional. A torque limiter. It's 3/4 or 5/8 tubing with a rod end and bracket. It bolts to the engine mount boss on the block and runs forward or backward diagonally towards the frame, where it bolts on to a welded bracket. Higher powered cars may see the engine flexing fore/aft under acceleration or braking. You can make one, or they're $40 from most chassis shops. If I decide to make one, you know you'll see it here :)