Get underneath, and look up at the bottom of the water pump. You might have to move around a bit, but you should see a small (~1/8") drilled hole a little behind where the pully mounts - that's the weep hole.
That hole is there to tell you when the pump shaft seal fails - the seal is below that hole. Therefore, a leaking seal will "express" at that weep hole to tell you it should be changed.
A couple small suggestions -
All those bolts are probably threaded 5/16"-18, so get replacements for them in brass or stainless. If you can't, clean the bolts you take out thoroughly, and coat them with RTV all over (but a replacement is better. If you can't get them in brass or CRES, get new steel ones and paint with RTV to stave off rust/corrosion.)
Don't get too silly with the RTV - it's like Brylcreem. "A little dab'll do ya."
MAKE SURE you get ALL the old gasket off the pump mounting surface on the block before you put the new one up. I can't stress this enough! After you get the gasket off, a touch with a Scotch-Brite pad will also help (it makes the surface a little rougher, which actually encourages gasket "grip.")
Flush the system BEFORE you pull the pump - so you don't crap up the new one.
If the hoses are more than two years old, replace them as well. If the new lower hose doesn't come with the "support coil" in, take the one out of your old hose and move it over. You really want that thing...
There's more, but my mind is elsewhere at the moment...
5-90
