The original style pump used in your '46 engine should be Ok if it's in good shape, however, the replacement high volume M-15 pump would be the way to go. True, it was designed for flathead V8 racing engines with expanded bearing clearances and is probably too much for a standard Flathead V8. The V12 has a lot more to "oil" so the extra capacity will help maintain oil pressure when the engine starts to wear.