That same 326 pump was also used on '65-'67 small-block Corvettes with aluminum intake manifolds. There were two versions of that pump originally - one was machined for the Corvette and Camaro applications with a smaller NPT hole for their smaller bypass elbow, and the other one was machined for truck applications, with a larger NPT hole for their larger bypass elbow.
The castings with the smaller hole are getting hard to find, as commercial rebuilders routinely re-drill and tap the small-hole castings they get for the larger bypass elbow, as there's far more demand for the truck application than for Corvette/Camaro restorations.
If you have the large hole, you can use a reducer bushing as noted in the posts above, and grind it down flush with the boss on the pump, although most sharp judges will spot it. Bill Mock in Oklahoma City is the best-known water pump rebuilder/restorer for the Corvette guys, and will usually have dated small-hole 326 pumps available, but they aren't cheap. Bill has been doing Chevy pumps for 35 years, and is at (918) 333-0748, mockauto@aol.com.