I have been in the hobby 41 years and have sandblasted plenty of parts. Were I to become involved with another restoration I would avoid sandblasting as much as possible. It can be extremely abrasive, eroding casting features such as numbers. Water pumps have internal parts including a bearing and you would have to ensure all the sand residue was removed from the housing.
I would disassemble the pump, soak the housing and cover in a solution such as evaporust. Then have it rebuilt.