Rob and Alex,
A few years ago I replaced our coolant (fresh water) pump for our Universal 5432 based on a Kubota 1502 block. Some 5432 and early M40 engines are based on 1501 blocks and others on a 1502. There are some very similar but slightly different pump designs. The key is to count the number of bolts on the entire pump, which includes that bizarre descending tongue shaped face. (Looks like a map of Florida) The Universal part runs about $325 + another $15 for the gasket. The Kubota part runs about $120. If you search eBay for "Kubota tractor water pump" you can get one for about $70 including the gasket. Match the picture with yours. That is what I did. As noted above, the centrifugal pump blades are made slightly differently than in the original, but it doesn't matter. We simply masked and painted the outside, torqued the bolts to spec, and it fit like a glove. The only nuisances are draining, refilling, & burping the coolant and removing all of the old gasket without scratching the bed. Our new pump has been perfect and I expect it to last for many more years.
Mike Jacker