Thanks Guys! I ordered a new hose (and new waterpump gasket) today. And found some new parts suppliers

Steve, I was thinking the same thing that I might as well pull off the waterpump and check it out I'm really curious now. The lower radiator hose had quite a bit of scum lining the walls of the hose, so I can imagine a iron impellar might be pretty cruddy.
The pump has "reman" stamped on it, but I'm guessing it would have been replaced a long time ago (1970's) as this car hasn't been used since then.
I hope I don't have to get into timing stuff...hearing about the tendency for the harmonic balancers to slip on these engines get me nervous.
Nate - Madison, Wisconsin 56 Ford Customline Sedan