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The water pumps don't have drain plugs, the block may. When Ford originally produced the flathead V8 in 1932 the bottom of the radiator was higher than the bottom of the water passages in the block. In order to drain all the coolant the drains had to be in the block. So Ford tapped two holes, one on each side of the block, into the water passages and screwed in drain pet*****. The radiator was moved down during the years the flathead was produced so the drain petcock(s) were moved to the radiator. Since Ford liked to make sure the later engines could be used in the earlier cars the blocks were still drilled and tapped into the water jackets. For the vehicles with lower radiators these were plugged and the petcock(s) were in the radiator. For the vehicles with higher radiators the radiator had no drain and the pet***** were in the block.
Starting with the 8BA design in 1949 these drain holes were not drilled into the block. So, depending on what engine you have your block may or may not have pipe plugs in the block. If it does they will be right behind the water pump, angled out at about a 45 degree angle. As stated above, the drain for your truck should be on the front of the radiator. Given 66 years for people to change things there is not guarantee what you will find.
ok friends ,I checked and I do have a drain plug ,or a watch-ma-call-it,on each of the waterpumps,they were hard to turn out ,but I have them loose ,I will have to get two new ones when I pull them out and put new antifreeze in hopefully this weekend,can I pick them up at the hardware store????
I'm not sure if the '47 block is the same but here is my '50.
FYI note that the engine is upside down on the engine stand right now. There is a drain **** mounted in the bottom of the radiator but there is also one in the bottom of the passenger side water pump. Note the holes in the top (which would be the bottom) in the bottom picture. The right one is the bolt hole but the left is a drain hole which on this vehicle was filled with RTV sealant. This prevented the block from draining properly so when on the engine stand I removed the water pump about a quart of coolant drained out.
well ,I changed my antifreeze today in my 47 truck,I unscrewed the plug on each of my waterpumps and all the antifreeze came out ,put new plugs in ,and im ready to go ,thanks for the help guys!!!