The original rubber has aged to a point where it doesn’t resemble the new part. Set up like this the bolt isn’t long enough to pass through the water pump. Is this the correct order to set up the engine? Do I need to trim the rubber ring next to the head of the bolt to make it work?
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Instead of trimming the lower insulator, reverse it so that the lip faces up, not down as you have it in your photos.
Also you are missing the washer that fits beneath the nut. The large washer in your photos is for between the bottom of the water pump extension and the top of the large, upper insulator.