The noise is probably the fan bearing, which is on it's own support, divorced from the water pump. I can't remember right offhand how much trouble it is to get just that support off, but it's part of the timing belt job.

Go buy a $15 mechanic's stethoscope to track down the noise for sure, or use a piece of vac hose or a long wooden dowel, but the steth is the best by far.

yes i'll admit it. I just did alot of work (for me that is) and just now an irritating leak has started at the front and blows back to drip off crossover, it stinks. It is either the front main again, possibly filterbody mount gasket or oil pump gasket. Main seal most likely since they don't last too long with speedy sleve and slighly off woodruff key notch in crank. That's damage from the loose H.B. a few years ago.
Dang, I sure wish I could put that 2300 turbo or that 2500 turbo, or that 2800 turbo diesel . I can't keep straight where they come from or the engine model numbers,,,I'll never live long enough todo it anyway. I'm tired of this damaged crankshaft engine and bored with gas...