OK Sick Boy....here are a couple of preview shots for what's coming next:
Mickey Thompson BBC Aluminum valve covers... won on eBay a few days ago:
Old Offenhauser BBC Aluminum valve covers also from eBay
I wasn't sure which one I'd like better on the engine, so I bought them both!

I'll clean them up either with a gentle bead blast and clearcoat, or maybe paint the high spots Chevy orange and leave the valleys in the natural aluminum?? Or maybe do some combination of bead blasting, paint and then highly polish the raised areas only??
When the arrive I'll put them on the engine and take photos of both....maybe put it up for a vote on CK5 and let people decide which one looks better.
As for the pulley dilemma: I don't really want to pull the waterpump apart to press the flange back further. There "might" be enough clearance but I'd hate to have a waterpump failure someday and realize that I can't use an off-the-shelf replacement anymore. I think the best solution will be to verify that the upper pulley is actually correct for this engine, and then build a spacer behind the crank pulley instead.
The crank pulley appears to be hub-centric, so I need to recreate that press-fit lip on the spacer (that goes into the hole of the balancer) and also cut a small shoulder into the other side of the spacer for the pulley to fit into. I can get the lip easily enough by cutting up the extra crank pulley I already have, then use that as a template for the through holes and get a thin spacer machined to match it. By sandwiching the chopped-up pulley, the spacer and the crank pulley together in that way, everything will be locked correctly at the hub area and won't rely on the bolt holes themselves to center the pulley or carry the loads.
So far this seems like the best option to me.