I noticed there have been a lot of threads on timing belt replacement and water pumps lately. I actually just did mine this weekend, and learned a couple of things. Someone over on Yotatech did a great writeup on doing it on a 4.7 Tundra. My 2003 4.7 was essentially the same.
Tundra 4.7 (2uz) Timing Belt & Water Pump Replacement - YotaTech Forums
A few things I would add. If you don't have a chain wrench and and don't want to buy one, You can just remove your radiator and any impact gun should fit in there with a short 22mm socket and the crank bolt comes right off. Also when you are putting the timing belt on if you put time timing belt tensioner in, but only tighten the bolts about halfway, you will have just enough slack to get the belt on the pulley, and you can then tighten the tensioner bolts the rest of the way.
Tundra 4.7 (2uz) Timing Belt & Water Pump Replacement - YotaTech Forums
A few things I would add. If you don't have a chain wrench and and don't want to buy one, You can just remove your radiator and any impact gun should fit in there with a short 22mm socket and the crank bolt comes right off. Also when you are putting the timing belt on if you put time timing belt tensioner in, but only tighten the bolts about halfway, you will have just enough slack to get the belt on the pulley, and you can then tighten the tensioner bolts the rest of the way.