1988 fox, stock 5.0, upgraded hoses and rad. Pic is from the ground looking up at the water pump. You can see the balancer and pulley in the foreground.
As you can see there’s a weeping leak coming from the bottom of the water pump, NOT the weep hole. I had a pressure tester on the system when this pic was taken, the leak isn’t really noticeable when the car is hot.
Does it look like just the seal/gasket that’s been broken?