This approach worked superbly... but I got paranoid, put the engine on a hoist, reinstalled the flex plate, and then checked again just to be sure. Yep, it worked perfectly.

I'm glad I double-checked, because the crank had indeed moved a couple of degrees since it's been on the stand. Getting on the hoist also allowed me to replace the 5 bolts holding in the rear bearing carrier with chromoly ARP bolts... The original bolts didn't torque satisfactorily and I assumed them stretched, which might account for the bearing carrier working its way loose originally. The new ARP bolts torqued down properly (I used 30 ft lbs, which is reasonable for M8) and are held in with blue Loctite. Hopefully the bearing carrier stays put this time! (Why make the leap to ARP? Only because M8 x 20mm flanged bolts are expensive anyway, and ARP was an easy way to get 5

)
I got the water pump swapped out, the rear timing cover reinstalled, threw in the glow plugs, and started to install the belt but paused while I look a little more about timing the CP3. I've read a bunch of, um, dissertations over the years but given it's of no pain to set the timing now, I'll do that. I just needed to look up how... Seems like it's just align the dot on the gear with the "bar" on the cover and it's done, so I should be able to do that tonight.
After getting the belt kit from idparts I went through the inventory and it seems I'm just short a thermostat and a new AC compressor and then this motor goes back in.... although I'm still interested in an electric fan conversion so I suppose that's more $$$. It's getting there though! There's far less stuff in boxes, and more stuff on the motor.
