Bdud, that plugged waterpump port might work for your sensor if there's room; that port gets very close to the alternator body on a 351-C in a Pantera, which is why it's always plugged. Adapting a larger alt etc may force using a longer vee belt but there's a limit to this.
Also, be careful tightening pipe fittings into aluminum water pumps; too much force on the wrench can (and has) cracked pump ports, and it's tricky TIG-welding them without wrecking the pump seal. Several layers of teflon pipe-tape is better than a bigger wrench!
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