if i install a smaller pully on my slant water pump it will move the pump faster than the normal one. if i do this will the water circulate too fast to cool off the engine?

All else the same, yes a smaller pulley will spin whatever its attached to faster.

Question is, why do you want to put a smaller pulley on the pump?

i purchased a harmonic balancer that came off of a dodge truck. it did not line up with the big pully. i have a small pully that lines up exactly with the truck harmonic balancer.

This is probably not the best way to fix your misalignment problem. The water pump pulley's size is determined for the particular characteristics of the water pump impeller, cooling fan and other cooling system parameters. Speeding them up will not only cause more parasitic drag on your engine, but will also run the risk of cooling problems (water pump cavitation, etc.). And, even if this small pulley of yours matches up exactly with the mystery balancer you got (or maybe it's the correct balancer, improperly installed), we'll soon be fielding questions from you about how to make the alternator line up, the P/S pulley, the A/C compressor, why you keep going through belts, etc.

Get the correct balancer for your engine and install it properly—that's the best fix.

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