Hey, Craig,
Welcome!
That being said, yes, it sounds like the water pump. It seems that every TR7 owner will go through this at one time or another.
Is you car fuel injected or carburetored? You can remove the intake as one unit to give you access to the water pump. Then, you will remove the bolts and the top cover. Rent a slide hammer from your friendly parts supplier and use it to remove the pump. (See that big bolt in the middle, don't mess with it as it will do you no good!) Next look down in the hole. Is there a brass cup with slotted sides still there or is it attached to the pump.
If it is still in the hole, use the slide hammer with a hook attachment to remove the cup. You are now ready to install the new pump. As you push it home, be sure to turn the vanes until the gear engages the jack shaft gears. Continue to turn the pump as you push it down.
Now, install the cover and just tighten the bolts hand tight. You need to figure the free play. With the cover just snug, use feeler gauges to measure the gap between the bottom of the cover and the block. Check the instructions that came with the pump for the correct amount of clearance required. You will find three gaskets in the box the pump came in. Each one is a difference thickness. now, here is where that math comes in. You will add the clearance you measured to the amount of free play the instructions gave you. The sum is the thickness that will be required of the gaskets to give you the correct free play. So, measure the thickness of the three gaskets and add them together to give you the sum. Remove the cover, install the gasket pack and replace the cover. Button it all up.
PS, while you have gotten all this apart, replace the hoses.
PPS, Remember to install the "O" ring along with the intake manifold gasket.
Water pump cover and intake gasket.
Clay
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