Quoted: I'm not sure about the water pump on the Blazers but any small block Chevy water pump I've changed has a small hole in the casting where the shaft is in the pump. If the seals go..it will drip out of that hole. That's the curse of chasing a water leak. The wind from the fan blows the water all over the place.
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Hi Striker, that's great advice about the casting hole, we call them 'weep holes' over here.
The water pump in the 4.3L V6 is esentially the same as the standard small block Chevy V-8 pump, part numbers be damned. So there will be a weep hole on the bottom of pump casting, on shaft tube area, many also have one on top as well.
Kharn, you can look for the trail of fresh and/or dried up coolant coming from the weep hole on the pump, it should be bone dry if good.
Based on what you describe though, it sounds like the weep hole is leaking. Verify by checking from below with a light, it may be difficult without a lift but find the weep hole and see if that's where the cooant is coming from.
Don't forget to change the Thermostat and gasket. Hoses should be changed if too soft(spongy) or too hard (small cracks, dry rot etc.), but T-Stat is a definite must on any water pump job.
Good luck Kharn, my wife has the same exact truck, it keeps me busy all the time, good thing I work at a shop