Jeff , I re read your post and see you have a '37 .

Just in case there is a minor difference to my '40 , here are a couple of pics of my '37 with the same '54 235 installed. I have taken a better pic (by accident smile ) of the water pump pulley depth .
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DSCF2288.JPG (264.57 KB, 34 downloads)
DSCF2289.JPG (259.23 KB, 33 downloads)