A lot has transpired since my last post here.
It WAS the keyway! I took the pump physically out of the boat and put the impeller in on the bench. Water started pumping like it should, but something was wrong. As I might have mentioned before, I get a whine when I get the engine over 4k. The max should be around 5.5k, but the moan is just too much. As I approached 4k during testing, I got a loud rattle... it was too loud and high to be an engine knock, but it was one of those turn the engine off as fast as you can moments. The center of the pulley had actually broken out! Someone had stuck a plastic spacer under the pulley that did not go past the bolts. Crap!
I searched the internet for a pulley, but I never found one. Since I had the pump in the workshop again, I examined it closer and realized that the bearing and seals were shot. It was hard to ID the pump, so I sent a picture to the manufacturer and they came through. This pump came off of an 8 cylinder Sea Ray. Here are the pictures of before and after...
Internal seal mess
Shaft (Before polishing)
Old and new seals side by side
Shaft and seals back together!
So, after the whole thing is back together... I still can't find a pulley. So, in desperation, I welded the center back using oxy/acetylene. As you can see in the picture, it looks great, but looks can be deceiving. I mounted the pulley, put the assembly in the vice and measured the run out. The run out was 0.0.14" axially and 0.021" laterally. That's better than the other pulleys except for the alternator.