Been there, done that.
The only real solution is to break out the die grinder, stuff a piece of rag into the water pump nipple hole (to keep shavings from fouling up the water pump) and cut about 1/2" off of the neck. Using a shop vac to clear away the metal shavings, pull the piece of rag out. Now, stretch the hose down further onto the neck, clamping it at the base and it should give you just enough clearance so that the hose is not laying on the compressor cover. The hose should stretch just enough for this clearance. I had to do this on my old PT74 GT-Q turbo. The other option would be to epoxy that port shut, and drill and tap a new brass hose barb for the coolant hose further up and away from the comp covers' scroll. You will have to use another hose that is longer tho with this method. All of this was caused when PTE redesigned their H compressor cover. If it indeed is a PTE turbo that you have. The scroll portion got slightly larger and it moved it closer to that one hose.
Hope this helps.
Patrick