Im pretty sure the belt would need to be routed around the waterpump. Im just guessing the pump probably sticks out too far for the belt to pass in front of it.
If it were me, I would try it without any of the spacers. I would replace the alt and ps pulleys first the try to find a crank pulley that will land in line with those.
In my system I spaced the alternator and PS pump assembly 5/8" forward to line up with the waterpump but in your case the waterpump will not dictate the spacing of the other accessories. You would just need to find a crank pulley that is 5/8" more shallow than the f150 crank pulley I used.
The only only other obstacle is where to mount the idler pulley to direct the belt around the electric water pump.
If the water pump does not interfere with the belt you can just go from the crank straight to the alternator and ps pump with the belt.
All this talk revisited makes me wish I had a motor on a stand to mess around with.
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