looks as though either the thermostat failed or the water pump has given up its life, ran the car for a few minutes and when i went to check the fan the radiator hoses were swelling from the pressure, looks like another day of pulling it apart again...
Take a cardboard box, & turn it upside down. Count the number of bolts that hold the water pump on, don’t forget to count the 4 funny looking studs too. Poke a hole in the box for each bolt/stud. Arrange the holes in a circular formation, and mark the box at the 12:00 point. When you remove a water pump bolt, put it in one of the holes in the box according to where it came out of the water pump. When you are done, all bolts will be arranged it the exact same order and position that you removed them from the water pump. That makes re-installing them easy, no wondering where does this bolt go.
A long shank tap should be used to chase the dirt & corrosion out of the original threads before you reassemble everything. Cleaning the threads will help prevent the bolts from seizing next time (yes, there will be a next time).
A word about the links, if they don’t work, do a search on the part number (P/N). MSC updates their catalog regularly, and the pages may change, but the part numbers don’t.
Use lots of antiseize on the bolts to protect them from corrosion and make them easier to remove next time.
See http://totallystainless.net/totally.html for replacement stainless steel bolts. Last time I checked, they didn't have the studs. Nice folks, very into cars of all types. They have all kinds of stainless fasteners for almost every car. The prices are very reasonable, less the $10 for the water pump kit without the studs.
The studs are a Motormite item available at your local Advance Discount auto Parts store.
Motormite Water Pump Stud Kits for Ford, Lincoln and Mercury cars and trucks w/3.8L, 4.6L, 5.0L, 5.8L.
looking like i might hold off on the car all together for a little while, hopefully not to long, but long enough to move off of base housing and into other housing now that my end of active service with the Marine Corps is quickly approaching at the end of the year. That and i have decided to use a different motor that i had at my house in Maryland and just completely go through that motor and get everything done right so i know what is in the car and there isn't any more guessing games of what all the issues could be, as well as to be able to go through all of the wiring that is in the car and make sure its all good since it did sit in a barn for a little while before i bought it. Obviously its a big jump, but since its one thing after another so far, and when i disconnected the battery and hooked it back up i had smoke pouring out from underneath the driver seat, it really just needs to have a thorough look through and be salvaged from all of the different owners before me before i get to the point of just wanting to sell the car.
i greatly appreciate all of the help you have given me so far! If i am being to hasty please let me know, but honestly that seems to me like the best route to go right now with the car