The water pump is driven off the same chain yes.
If you chop the shafts and knock second bearing back 7.5mm in to the block you still fit the chain as you would with shafts.
There is also way to route the chain and not go over the balancer shafts i believe?
Or you could fit an electric water pump and do away with this chain all together.
Image is a standard balancer/water pump set up.
