Take the cap off and see if there are tiny air bubbles in the radiator and also pull the dipstick. If the dip stick is milky that is a sure sign of a blown head gasket. A bad water pump will pump water out where ever it can. Is there a puddle of coolant under the car when you park?
A milky dip stick will definatly indicate a blown head gasket though. If you have to replace either one of those then I would also throw on that new cap you have.
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'82 GT 351W (.060)Comp Cams 274* Extreme Energy cam, ported & polished heads w/ 1.94/1.60 valves 10.3:1 flat top pistons,stealth intake, Mallory dizzy,Holley 750dp carb, BBK shorties,Flowmaster exhaust,C-4 with 3700 stall converter, B&M pro shifter,8.8 rear, 4:10's, subframes, electric fan, powermaster alternator, 4 core radiator.
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