"I would think weeping/leaking is a sign of failure in the future."
I cut open a water pump to see how they're built. Fluid from the weep hole doesn't appear to indicate imminent failure. Rather that the seal between the outer case and the inner steel casing is bad.
It's the inner steel casing which carries the guts of the water pump (shaft and bearings) and is press fit into the soft metal outer casing of the water pump. Basically the press fit is leaking, rather than the water pump.
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1980 245 Canadian B21A with SU carb, M46 trans, 3:31 dif, in Brampton, Ont.
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