Back in the Model A Ford days, water pump shaft packings were replaced exactly that way. The gland nut used to tighten the packing was difficult to reach, and the simplest way to snug it was to use a pair of thin-jaw pliers. What we call "Channel-locks" today were known as "water pump pliers" by the generation of mechanics I learned from back in the early 50's.
If you're that close to pulling the engine, it might be a wise thing to do, as long as you've got a heavy-duty engine stand to bolt it to while you're working on it. Those engines get awfully awkward to handle once they're out of the motor mounts. They're top-heavy, and they weigh more than a small block V-8.
Jerry
Last edited by Hotrod Lincoln; 09/22/2008 4:43 AM.