Now going back together give some thought on how best to create "The pump of your dreams."
One option is to go entirely stock: buy a rebuild kit and use the original style packing gland on either a steel or stainless steel shaft. Stainless has a lot to recommend but the tendency for stainless shafts is to run "small." Something about how stainless shafting in that size is produced. Buying this as a kit usually assures that the parts will go together well (i.e. the press fit between shaft and impeller is critical - most drill and add an additional "keeper pin."
Another option involves using a "lip seal" augmented rear bearing. Lip seals work, and some rear bearings have "double lip seals" (doublegood) If you find your lip seal fails and the pump is leaking you can add standard packing and keep the car on the road.
Another option involves replacement of the front Timken bearing/sleeve with a Timken needle bearing/hardened sleeve combination which together gives longer service (sealed bearing) Difficulties can be found adapting the "skimpy" stainless shafts to this. "Knurling" the shaft under the sleeve and using Locktite will compensate. This assembly design "captivates" the water pump shaft and requires a press for assembly/disassembly.
Best advice - read up on the options. A good place to start is Vince Falter's MOST EXCELLENT SITE where he discusses most everything I've said above - and some things I forgot. Check out the pages beginning at
https://www.fordgarage.com/pages/originalwpshaft.htm
Joe K