That’s a pretty intrusive bump. Some people get by without any bump, some with just a small one. I have seen at least one that used an Aluminum Pie Tin that was cut down.
There are various water pumps and pulley arrangements that are shorter. Look through some of the RCR builds to see how people addressed them.
I had opted for a remote water pump and no bump on my build.
That looks similar to the intrusion a Cleveland makes into a Pantera cabin, I have spare engine cover somewhere and can measure dimensions to see if it would make a good starting point. You'd need some flat infill panels to each side as it's almost square as I recall.