If I may put my 7.5 cents in here (inflation, you know) the LS engine waterpumps of that era seal to the block with an aluminum gasket with red silicon bonded to it.
The silicon lets go and they leak, and it can be hard to see exactly where the leak is coming from.
In addition to that, there's a steel cover on the back of the waterpump that can leak, and, rest assured, there's a weep hole, as well.
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Today's Featured Article - New Life for an Old Allis - by Tyler Woods. My friend Jon, has an old '39 Allis Chalmers B. He thought it a marginal tractor that had long since served its time. She smoked terribly and never had much power but he couldn't afford another so he was limping along with what he had. Jon's Allis has a small front loader and though it doesn't carry much, it serves his needs. It was the hard starting and low power that made him think it was time to replace the old girl. Jon called me to help him discover why his tractor wouldn't start
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