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As Far as rebuilding the water pump, I found that Studebaker Parts would rebuild the pump for the most reasonable price, so I sent it to them, he said it would be about 2 weeks or so. However I am going to attemp to put new gaskets/o-rings in the power steering reservoir to stop the leaking.

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That should be fine if you follow the service manual. You will need some common sense and various shop tools to figure out how to do it without using the special tools. For removing and installing the seals you can usually just do it with a bent piece of metal for removal and a socket for installation. It's just tricky. Be very careful to not scrape the bore with anything when removing the seal.