Mine is the same (58 235, high mount water pump with adapter plate) the nose of the crank does not do all the way flush with the balancer.

Look at the bore of your balancer... you should see a line were the rust stops and the nose of the crank starts... its about half way.

When you have the balancer properly installed (pulley to the rear) as long as the water pump and crank pulley's line up... that's as far as you need to go.

Tapping the crank for a bolt to keep the balancer on is popular option. There is also a tool a guy here made to make it as easy as possible.