Your best option is to install a two groove crankshaft pulley.
The part number is C3TZ-6312-C available from Carpenter $75.00.
or EARLY FORD V8 SALES 101 HOLLOW DR PIEDMONT, SC 29673 (864) 845-7878 $75.00
This is the crank pulley F500 and F600 trucks with 292's used. It uses the narrow belts like the 57's did and both sheaves are same diameter so will not have a conflict with speed ratios. The dual WP pulleys mostly are narrow belt also.
Here is the WP pulley I used
http://www.ebay.com/itm/1968-1969-Ford-Mustang-Mach-1-Cougar-C7OE-8509-D-Water-Pump-Pulley-289-302-351W-/221041391507?pt=Motors_Car_Truck_Parts_Accessories&hash=item337717f793&vxp=mtrThe pulley you have found is a smaller diameter so will spin the fan faster,not a problem either.
Some of the y block water pump hub's are not set properly for a good belt alignment. I have had to occasionally press the water pump hub on further to align belts properly. Alignment is very critical using a dual belt set up to obtain proper tension on each belt.