Figured I'd post up some pics showing what I found during the teardown last night.
Put a new belt on a couple months ago and had 1/2" of clearance. Now the dang things rubbing itself at the water pump pulley. The white stuff is some lithium grease I put on the troubleshoot which belt was making the noise.

In this shot, notice the white coolant trail coming out of the thermostat housing gasket. The chrome FMS housing is junk and has always leaked. I think the base casting is very porous because I had to sand the chrome off the mating surfaces to try and get a good seal (coolant was leaking out from under the chrome).

Not much here except the pretty SAAC valve covers that are made of unobtainium. Note the crack in the coolant line at the top of the pic...

Finally the 6psi Paxton. The thing works great, but has always leaked, the whole side of the motor is wet. Figured it was out the front, but when I pulled it off I found the O-ring for the case leaking so I'll pull it back apart and reseal it too.

I was going to pull the motor and still may. Did a compression check with the upper off and got 145-160 psi out of all the cylinder. The plugs are black and the gap has grown, but that's expected. Usually this thing pushes the head gaskets out the side of the block. I need to pull the intake gasket and reseal it and should pull the tranny to do the rear seal whick may be leaking too. I'm off to find an electric fan for it today to free up some more HP. Going to try and find a Mk VIII fan setup.
Jamie