I think your water pump should have a standard grease fitting on the side and a grease purge fitting above it. Sometimes the purge will have been replaced with a grease fitting and presure will build up in the bearing chamber and damage the grease seals. Over greasing should result in grease purging out the weep hole in the water pump or coming out behind the pulley. I cannot think how it would affect the water seal in any way unless the weep hole is plugged.
This is where we're at...[attachment=24552]DSC_0003.jpg[/attachment][attachment=24551]DSC_0002.jpg[/attachment]
Looking good - I like your fan belt
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