How long has the water pump sat dry? The seals can wear out or get brittle, allowing fluid to leak through the weep hole.
The iron/gasket/steel/gasket/iron design is prone to leakage if not done right. Make sure all bolts are evenly torqued in the recommended pattern, and follow the sealant instructions given by the gasket maker.
Vikki 1969 Goldenrod Yellow / black 400 convertible numbers matching
