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Just installed new water pump on my 77 302 today. Its been running warm..... over on the "p" in temp. Change pump and thermo today flushed radiator. Runs on the m now. Got radiator on order and 4 new shocks and 2 front rotors and brakes. Plugs and wires..rotor button and distributor. Finally back on road almost after a year. Just tuning it up and tweeking it a lil.
Have you stuck a mechanical temp guage on it to see if your factory one is malfunctioning? I replaced the water pump today on my 73 302 as well.
I got lucky, none of the bolts were corroded up so I got the old one off and new one back on in no time. In reality it took most of the day b/c while it was apart I painted the new pump, fan spacer, fan pulley, fan, thermostat housing, and alternator brackets along with all the corresponding bolts.
The temp hand is working. How accurate it is i dont know lol. But it is working. IT used to stay over near the p in temp. now its about in the middle on the m up and down. Im goning to put an aftermarket temp hand to have a back up. My water pump was the oraginal. Came off really well. Too me about 4 hours to do the water pump, thermo, and wash rad out and 4 tires.