Like the title says, it's leaking from the bottom of the rear cover plate. I already pulled the water pump. It's a new Ford Racing M-8501, non reverse rotation cuz I have an early timing cover on the motor. I installed a FelPro gasket on the rear cover and it leaks. Would I be better off just smearing a coat of RTV black onto the back of the pump, then slapping the rear cover on?

That is a pretty vivid image. What did you take this pic with? I'm guessing that it's [not] a cell phone (even tho the flash is a wash).