OK, here's a little update :rolleyes: : I know that the black specks are a sign of impending doom...so, I'm going to replace the water pump as soon as I can get one.
I didn't find the 'bad news specks' until after my preferred local auto parts store was closed (yesterday). Today I went to the local Kragen Auto Parts and found out that they didn't have one in stock and it would have to be ordered. So I ordered one and it should be ready to be picked up as early as tomorrow morning. Now all I need is the good fortune to have my current pump last until I can get the replacement installed

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After paying the $89.99 = tax that Kragen wanted, (for a NEW pump) I checked pricing and availability online. I found out that CarParts.com had much better prices (the GMB pump that I ordered from Kragen is $53.46 at CarParts.com) but the time to ship is quoted at 7-10 business days

. I guess if you want to save a little money you need to keep a spare parts inventory

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Oh well, I guess I'll be keeping my fingers crossed.
It's going to be much harder to convince my wife that I should buy that electric water pump from Mr. Haines now

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Thanks for the replies.
Mike