Disclaimer: I could be utterly wrong. Even reading this is putting your car in severe peril. Seriously, go check and make sure its not on fire.
That said, Victoria British appears to carry replacement water pump housings that do what DavidC describes:
http://www.victoriabritish.com/icatalog/sg/0077.asp
Part # 2-157
Just from the (very tiny) drawing on their site, it looks like it might work. Has anyone tried this?
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