some advice pleaseeeee

guys i took off my radiator, fan, alternator,belts,and im about to take off the water pump. The reason is that there is oil buiding up on top of the water pump, than on the left side of the water pump there is coolant residue dripping down.....i dont know if it is the gasket....leaking oil.....or the pump is bad.... the plan is to just replace the thermastat, and replace the gasket.....b/c the car is overheating (according to the gauge) than it cools down...than gets hot..than cools down..but never cools back down to where it normally is....sound like a faulty thermastat or could it be due to the leak????? im lost...
 
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I would also be doing a pressure test to make sure you haven't popped a head gasket! The T-Stat is a very good place to start checking don't get me wrong, but a pressue test on the cooling system is a good idea. Also, not to sound stupid but check and change your oil also verify your coolant levels. Just a few things to check. Most T-Stats these days are fail proof, so if they do fail they stick wide open!
 
The hole under the w/p is a weep hole for coolant to leak out if the seal goes bad. If theres oil on top of the water pump I would also check the lower intake gasket maby its leaking there. Definatley replace the thermostat. Is there oil in the coolant or coolant in the oil? If so looks like you'll be pulling the heads.

Just noticed you have a supercharger, could the oil line for the charger be leaking oil down on the w/p???
 
GUYS THIS SHOP IS TELLING ME HEAD GASKETS...BUT THERE IS NO OIL IN COOLANT AND NO COOLANT IN THE OIL ....CHECKED OIL...ITS NOT GREENISH..AND THE COOLANT IS GREEN IN THE RADIATOR...........IM LEANING TOWARD THAT HOLE IN THE BOTTOM OF WP...OR LOWER INTAKE MANIFOLD.