'89 245 with water pump leak (seems like the leak is all around the seals and there is a drip comng from the bottom of the pump).

Here's where I find the coolant drips. I'll try my best to describe it. The drip is at the location where the silvery part of transmision or bell housing (?) links to the red engine block. I wiped it off and after a short while I could see a drip coalescing and then hang off the "seam" of the red block where it meets the red engine oil pan. Methinks the leak is actually coming from the water pump where the coolant drops and somehow slides its way down the seam of the red block and collects at an obstruction (oil grime?) and then drips. Anyone experienced this before? I have noticed that when I add coolant and get it at the MAX level, the water pump seems to weep more. The drop in coolant seems negligible at this point.

edit to add: water pump seems to seep during cold nights/mornings but is bone dry (or appears so) during operation. I added 50/50 PEAK coolant, if this helps.