Reply to bob:
I would use a new shaft and seal kit.
Later Bob
Most water pumps don't use the shaft surface to seal, instead the seal is pressed into the housing and rides either against a seat on the impeller or directly on the surface of the impeller itself. So if your shaft is in no danger of breaking from the corrosion, the bearings are good, etc, you should be good to go with only a new seal. The impeller is typically the weak part in the mechanism due to corrosion and sometimes difficulty removing it from the shaft.π
The last one I did (D333) seals against the cast iron impeller and had worn into the impeller so far that once I cleaned that surface up by spinning it in the drill press and dressing it with a file, there was little tension on the seal spring when it was assembled. It may not last as long as if installed with a new impeller, but we won't put many hours on the grader anyhow. If the seal goes out again, I will probably use an aftermarket seal with a ceramic seat against the face of the impeller.
D2-5J's, D6-9U's, D318 and D333 power units, 12E-99E grader, 922B & 944A wheel loaders, D330C generator set, DW20 water tanker and a bunch of Jersey cows to take care of in my spare timeπ