Thanks for all of the suggestions. With some time to think about it and doing some research on tool loans (which is you buy the tool and return it for a refund

) I have decided to replace the water pump and all of the hoses. The car has 108,000 on the clock and by all appearances the parts look original so to me it only makes since to replace them.
Over the last several days I have removed the hoses and water pump and now wait on the replacements to arrive. Several of the hoses were seized onto the metal pipes they were clamped to. It has been real fun getting the hoses off.

. The pump came off easily enough. Just need to clean the bolt threads and sealing surface for the water pump.
When I install the new pump should I use some type of sealant on the gasket? When I replaced a water pump on a 87 vette some years ago I used some don't know about this one.