Leaking B Water Pump

I tried to start my B the other day and got lots of antifreeze running out of the front end while it was cranking. I pulled the hood tonight and poured back all of the fluid that I had captured and turned the fan by hand - got a few drips out of the fan belt pulley. I assume I have a problem with the water pump - is there any adjustment or packing, or is it just plain shot? The fan pulley is kinda spongy and will wiggle a bit.

Is it better to rebuild or replace the pump? I saw a price of about $100 on this site. There are 2 styles - mine is a 1950 - which one do I need if I buy a new pump?

Thanks,
Tim
 

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