Well, it turned out to be a freeze plug had unseated a bit.
I took a hammer and some sealer and cleared the leak right up.
Now we have to rebuild his trans and he will have a sweet ride for sure.
Put in a new electric fan today, new thermostat, flushed the radiator, installed a switch for the fan (not going to rely on thermostatic control), pulled the carb and cleaned it, tightened up the exhaust, all in 103 degree heat.