I dunno, I think I'd make sure the pump shaft is tight on the impeller and see how difficult the impeller is to turn using the impeller tool. Once the engine begins turning the impeller(assuming it's possible), it's going to gouge out the clearance in the wear ring, and you'll have as tight a clearance as is possible once the custom fit is lapped?
The seadoo manual I have suggests using seadoo lube on the impeller/wear ring to reduce the initial friction until the lapping is complete but I think some light oil or liquid dish soap would work as well.
This is assuming the impeller isn't being held atrociously tight by the wear ring and the engine can actually be started.