I have the adapter plate. I will be installing it this weekend. My engine is out of the car right now, so I shouldn't have any problems drilling and tapping the holes. I Don't see why you wouldn't be able to drill it and tap it with the engine in the truck. You will probalby have to remove your radiator to fit the drill in.
I'm using a 54 Chevy waterpump. You have to remove the rear backing plate, and install the adapter plate in it's place. Bolt the water pump/adapter to the block, mark your holes, remove the water pump, drill and tap the holes, then re-install the water pump.