AAron,
You might try a water pump sealer if you think the seal dried & shrunk. Sometinmes you get lucky. The sealer will lube & swell the seal back to original shape.
Harold

More on the NAPA Water Pump:

Water Pump - Remfd
Product Line: Remanufactured Water Pump

Part Number: WP 58125

Price: Price $53.49
Core Unit $18.99

Availability: Call NAPA Store

Features & Benefits Proper Type Of Bearing By Application Is Used As Specified By OE.; Every Water Pump Is Supplied w/ Quality Mounting Gasket. Necessary Component Is Supplied To Complete The Job.

Warranty Limited Lifetime, Replacement Will Be Issued for Unit that Proves Defective During Normal Use on the Vehicle on Which It Was Originally Installed. Extended Only to the Owner of the Vehicle on Which the Unit is Installed-Not Transferable.

Attributes # Water Pump Hose Connectors : 1
Contents : Gasket(s) Included.
New Components : Designed And Manufactured w/ The Best New Unitized Seals. Ensures Long, Trouble-Free Performance.
Pulley Type : V-Belt
Water Pump Rotation : Counterclockwise

Application Information: 1946 Chevrolet Truck
Comments: w/ 5/8" Grooved Pulley

Harold
Is a restoration ever finished?