Your next challenge will be in finding a replacement shaft of the proper diameter.
There USED to be oem shafts - these were 0.625 diameter. One is shown at Vince Falter's MOST EXCELLENT site.
http://www.fordgarage.com/pages/originalwpshaft.htm
And Vince goes on about the reproduction shafts
http://www.fordgarage.com/pages/waterpumpshafts.htm
In general, any stainless steel shaft you buy from a vendor is liable to be undersize. It seems that the primary start point for making a shaft in the repop industry is to start with the commercially available stainless rod stock - which MAY be as much as 0.625, but more likely starts at 0.624 or below. Note on Vince's first reference above in making carbon steel shafts, the factory note starts with an oversize shaft and grinds it to the size.
Back when I was first into water pumps there used to be non-stainless shafts available. THESE were generally closest to the original sizing as they were sourced from rod stock used for roller slides/positioners - and these HAVE to be the correct decimal since the accuracy of mechanism which they construct depends on it.
But alas, everyone seems to be jumping on the stainless bandwagon thinking stainless is somehow better because it doesn't rust. And today the carbon steel OEM style shafting is non-obtainium.
Another solution can be found in using a Torrington sleeve on the bearing end of the stainless shaft. Even this may require "knurling" of the pump shaft to allow the very precisely made Torrington sleeve to become a "drive-fit" in place on the undersize stainless rod. The Torrington bearing and sleeve create a superior front bearing - although the original bearing and shaft worked fine if the shaft sizing is correct. But the Torrington sleeve fix does not address additional slop in the gland end of the pump.
I don't have the Torrington numbers for sleeve and bearing on hand - but use search function with "water pump torrington bearing" and you'll find the bearing component reference.
Joe K