The 326 pump was produced in two versions from the same raw casting - one version, for trucks, had a 3/4" hole for the large bypass fitting; the other version, for Corvette and passenger cars, had a 1/2" hole for the smaller bypass fitting.
When 326 pumps with the small bypass fitting hole find their way to a commercial rebuilder, almost all of them get enlarged and re-tapped to the 3/4" bypass fitting hole, since the primary demand for them is for trucks, not Camaros and Corvettes; that's why you see so many of them with a reducer bushing to accept the 1/2" bypass fitting. In NCRS Corvette judging, presence of a reducer bushing gets a deduction, as the original factory 326 pump used in production had the 1/2" hole for the fitting.