If I understand correctly, you are concerned about turning the engine over to TDC in order to remove the timing belt to replace the water pump. Is this correct? If so, think about this: the engine turns and runs with the transmission in any position. If you have the parking brake on, you can put the trans in any position and put the engine in any position with no fear of damage to any component. Just turn the front pulley until the mark lines up with '0' and the notches on the two camshaft pulleys line up with the marks on the upper plate at the same time, and it will be at the appropriate place to disassemble. If you weren't planning to, I would go ahead and replace the timing belt if it was not recently replaced, and be sure to check the two tensioner pulleys for any bearing noise at the same time. They aren't cheap, but it's better to replace them while you have it apart than to risk a failure on the roadside.
Hope this helps. God bless!
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