I think that packing was for earlier water pumps that had a packing gland nut that could be tightened around the shaft or the packing could be replaced.
You'll have to change the water pump. I got a rebuilt one from NAPA for around fifty dollars, plus core charge. I just removed the water pump from my '46 216 today. It's too hot here to for me to do any more today. I'll be pulling the radiator out also because I think it had a leak also. I'll have it checked at a radiator shop.
Let me know if you want the NAPA part number.
Before you pull the pump make sure it's not a leaking radiator hose. I changed the heater hoses and I'll change the radiator hoses since they were cracking. They hadn't leaked yet but they needed to be changed soon anyway.
Jacques
