The pump will only work efficiently in the direction that it was designed for. The engine will overheat with the wrong rotation pump. The bolt pattern for the reverse rotation pump that is required for the serpentine set up is different from the standard rotation pump and will not bolt up to your timing cover. The reverse rotation timing cover doesn't have the dipstick provision in the front of the engine or a mount for the mechanical fuel pump. (The mech. fuel pump also requires an eccentric to be mounted on the end of the camshaft sprocket to actuate it.)
There is another factor to consider. In 1970 the inlet for the std. rotation pump, (The lower radiator hose connection.), was changed from the passenger side to the driver's side. The reason that I mention this is because Ford Racing Performance Parts
www.fordracingparts.com on line catalog lists (Or used to list) a reverse rot. pump that has the bolt pattern to fit your timing cover, but the only problem will be the fact that, as mentioned, the pump's inlet is on the driver's side. This is the only way that they are available to the best of my knowledge. This will require you to get a radiator with the lower hose on the driver's side, modify your current rad. or use a length of large tubing to route the lower hose to the pump. When this is done, rubber hose is attached to each end of the tubing. At the radiator and at the pump.
Most of the major Mustang resto part vendors sell the radiators that have the lower hose connection on the driver's side that will fit your 67 and the tube with the correct hoses are sold as a kit if you want to keep your current radiator intact. Another place that you my find a water pump that will work is from companies that specialize in the serpentine pulley systems.