The 1941-52 216 balancer with the 5/8" pulley will work fine as long as you use a 1941-52 pump, it has a pulley that accepts a 5/8" belt.
It you decide to run a 1953-54 pump, it will have a pulley designed to run a 3/8" belt.
If you run a 3/8" belt you can use a:
1953 216 balancer
1953-54 235 passenger balancer
1953-62 truck balancer. The 1955-62 truck balancer is designed to run a 1/2" belt, but by running a 3/8" belt on it the belt runs deeper in the groove, in affect reducing the pulley diameter to where you want it to run to get the correct water pump speed. (1953-54 already has the correct diameter).
