98BlueTahoe

My newly acquired 1996 Chevy K2500 Suburban with the 7.4L has begun leaving a couple of small orange size orange colored puddles just behind the front bumper on the driveway each morning. The Weep hole in the water pump looks like some fluid has come through it, although, everytime I look at it it is dry, just light colored orange rusty. The truck has 142K. Is a rebuilt pump ok, or should I look for smething better? I also am going to replace the Therm with a genuine Ac Delco, as well as the serpentine belt at the same time. any thoughts? I haven't replaced a WP on a chevy V8 since the mid 70s, so any recommendations would be appreciated.