You want to be very careful about running this engine hot. It is a cast iron block with aluminum heads. When the heads get hot, they have a tendency to drop out the valve seats. I've already had to have heads redone on a couple of them. To correct one misstatement, there is only ONE coolant pump on this engine. As far as I know, the old Ford flathead V-8 was the last engine to use more than one pump - at least in automotive applications. This does sound very much like you are having a major coolant loss. Head gaskets are a possible suspect. Pinholes in hoses are another possible culprit. As always, diagnosis is your best friend. You will be far ahead in the long run to have some tests done before spending any significant money.
Also, to janicholson : the "strip test" for combustion gases in the coolant is unreliable. It gives way too many false positives, and from other sources than head gaskets. It also only "tests" a part of the entire system.
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