I would not worry with the water pump, or the water pump pulley. I would take a good look at the tensioner pulley, & the idle pulley. You will not be able to lift the engine more than 1 1/2" to 2" at the most. Nothing should get damaged in that area. Do not try to raise the engine, any more than you have to. Once you feel the engine stop moving, stop before you crack the transmission case. Keep an eye on everything while raising the engine.