Cujo, You definately have the right water pump, just replace the extra pipe plug in the water pump with a nipple and run the hose from it to the "bypass" outlet of the thermostat housing. The picture is from the wrong angle for me to see the thermostat housing very well.
I think the thermostat for the bypass housing is Stant #13928 but please verify that before you install. I can't remember which hose nipple on the housing is the bypass. It should be the one that is blocked by the thermostat when it opens.
The thermostat from a bypass setup looks kind of like a sink strainer. It actually works like a switch rather than a block. It routes water to the bypass hose when cold and to the radiator when warm, and it blocks the bypass but not the heater when open.
