When installing a 1955-62 235 or 261 full pressure engine in place of a 1937-54 216 or 235 engine, this conversion allows you to put the early style pump on the later engine.
In the past modifying the 1955-62 water pump was done but required a press to force the hub further back on the shaft, then the hardened shaft required being cut off. Additionally a special pulley and fan was required. After all that the pump and fan still sat 3" lower than the 216/early 235 pump and that could lead to overheating and possible fan hum.
By using my adapter with a 1941-54 water pump, the pump is put back in the stock location*. If you need to replace the water pump in the future you can buy an over-the-counter pump and install it without modification.
One other advantage of using this adapter and a stock pump is the stock lower radiator hose can be used. The modified 1955-62 pump has a larger connection for the lower hose so a special hose is needed. Ebay Item Number 140456073982