You install the new bearing on the shaft first. Then you reinstall the bearing/shaft assembly into the housing. Then you install the pulley on the shaft, making sure you have enough clearance so it does not rub against the housing. Check the spin. There should be some slight resistance to spinning. Then you oil up the shaft where the seal contacts it. Then you press the water pump seal on the shaft real carefully. You might try a large socket that clears the shaft and pushes evenly on all edges of the seal. If you crack the reddish fiberglass rings inside the seal, it's toast. Then you install the small washer, impellar, large washer and lock nut. Better to use a little thread lock on the lock nut. Then you install the cover over the water pump impellar with a new gasket.
Now you quickly test it by plugging up three out of the four holes with fingers and the palm of your hands. And blow on the fourth hole. Better have a pretty good seal at this point with no air escaping out the drain hole on the bottom of the water pump. If you hear air escaping, you get to take everything apart and reset the seal, if you haven't cracked it yet. You might want to buy two seals, if you haven't done his before.