Hey Bonnie_72_F100
Looking at the first two pics...
The hose that passes under your dizzy is the vacuum advance hose...
It goes from the pot on the dizzy to the carb... but isn't a fuel line.
There are two places where coolant could spray on yer engine in those places.
Right in front of the dizzy, there is a very short rubber hose... if it is cracked or has a hole in it it would definately spray right there and could spray as far as you indicate in your discription...
The other place is the piece of rubber hose that is coming from the front of the the engine, near the theromostat housing, and going to the plate under the carb.
That could have a leak in it and would work the opposite way. It would probably spray to the area right in front of the carb and run down to the dizzy... from the look of the pic that piece looks pretty corroded and there is a good deal of rust on the manifold under it.
With the engine running it could appear to be spraying from the first spot.
What the guys and myself also see is that there is some oil seepage around the dizzy... that is from the dizzy "o" ring... but it can't spray just seep a little oil out.
Yes, you can keep the dizzy...
Before you pull it, remove the cap and check to see where the rotor is pointing and mark it before you pull the dizzy so when you replace, you can get it back in the same place.
It's really a pretty easy job...
It's a whole lot easier than replacing that little piece of hose...
That is best replaced by pulling the water pump... which isn't to bad...
I found that it is a lot easier to do that than try to fight getting that little piece of hose on with the water pump on ... I'm not even sure you can do it right with the pump on.
Good luck,
KaptnKA

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