You can modify the water pump yourself. Press the pulley mount to where needed, install 292 Ford pulley, cut off excess shaft.
The 216 pulley will not work for this. The diameter is too small. There are others that will. The diameter needs to be close to the same as the 235 pulley and the right height to give you clearance.
This is the way it was done before vendors started gouging people for the short shaft water pump.
That being said, if I had it to do today I'd go with the adapter.
