Gerry, try removing the 'fan' belt and rocking the water pump pulley. It 
shouldn't! Any slop, and any roughness when rotated, is a bad sign. Replace 
it asap to avoid converting your waterboxer into a waterboiler and cooking 
the headgaskets. The motor needs to be hot and spinning rapidly to generate 
much water pressure, so it likely doesn't drip when off/cold yet. A radiator 
pressure test might push some water past the seals however. Joels indicators 
were spot on, look for the dried anti-freeze residue, it doesn't sound like 
valves (yet?  just kidding).  My '85 has been well behaved in that dept. so 
far, 102K miles. bye, Tim S.