I would shy away from the water pump pulley also. It means you will have to run a shorter belt but you won't have cooling problems. I found that with the very large water pump pulley the car was spiking up in temp at idle, dangerously high. If you have a gen 2 the temp indcator may not show you this becuase it is basically a dummy gauge.
Also, with a gen 2 you have the air injection pump in front of the crank pulley which can give you a headache. I haven't done it but I think you have to remove it to do the crank installation then put it back in afterwards. Somone else can chime in with the details on that part.