I'm just thinking out loud here. Is it the correct water pump and is it flowing the correct direction. I don't remember where I heard it, but I have heard of this happening before. Just can't remember if it was Jeep or another type of car. How quickly is it overheating? Is your oil pump working or is the oil just sitting in the bottom of the pan, which is causing the overheating?
That's all I can think of right now.