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Really only as a spacer, becasue youre water pump studs probably aren't threaded deep enough down to tighten the bolts back up without filling the space with washers or something of the like....
I took all three of and then turned the studs in as far as they would go before hitting the water pump housing when the shaft rotated, and then put them back on. With one lock waser and one flat washer they fit perfectly....
I pulled that unused smog pump pulley off my 73 when I got it. Somebody before me had removed the pump. I don't remember any problem bolting the fan back on.