8 bolt or 11 bolt water pump?
A 8 bolt pump (standard on a '67 I believe), has 2 extra pieces, a housing plate and a divider plate. The clearance should be minimal from the vane edges to this housing plate. it forms the rear cover of the pump housing. The divider fits midway between the pump casting and the the housing plate; it's purpose is to "divide" the flow from the pump to each bank. I don't know if there are tubes or if there is a rubber seal.
If it's a 11 bolt, there is no "divider" plate; the outlet of the plate is forming to contact the outlet tubes on each bank and the face of the tubes has the rubber seal. The clearance from the vane edges to THIS plate should be minimized as you say.
George
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