In my experience, when you see coolant running off the length of the lower radiator hose, it's a leaking water pump.
Water pumps are a replacement item and no big deal. Replace the hoses, too, including the heater hoses and do the job right.
A weak radiator cap will fail to hold pressure in the system and cause some problems. A new one is about $5.00.
I recommend replacing the coolant every two years, the hoses every four and the cap about every three.
A new radiator can run to over $200. for a brass 3-row from Ford and aluminum is even more, but you get what you pay for. If you replace the radiator (do not mess with repairs) get a qualty one and go for a three-row brass, at the minimum.
I suggest you locate the leak and have it repaired quickly before you end up standing on the side of the road, watching the steam boil out of your engine and possibly risk a cracked head gasket, or worse, for the price of a water pump, hose or cap. Good luck.
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