Howdy,
This frequently happens in marine engines where the engine runs hot and the first place to look is the "sea" water pump. When it's not the problem people frequently look to the circulating pump (the belt driven water pump bolted to the engine)
(I know, you're all wondering what the 'ell does raw water cooled marine engines have to to do with a Y-block in a car?)
Well the cause of engine over heats are pretty universal. It's water flow thru the engine/manifolds or heat exchanger. (or coolant and/or air flow thru the radiator)
The circulating pump cannot be a problem if it still has an intact impeller. I.E., unless it has COMPLETELY corroded away (which *could* happen in a raw water cooled engine in salt water), and if your engine has always had a 50/50 mix of AF inside, the only problem a 55 year old circulating pump might have is it could leak.......IT'S STILL GONNA MOVE WATER in sufficient amounts to cool the engine.
OTOH, if the radiator, head(s), block, or other water-hoses, passages, T-stat, etc are blocked or partially blocked, then you either won't get enough flow thru them to cool the engine and in the case of the radiator you won't get enough flow thru it for cooling it.
You also have the added problem of sufficient cooling air flow thru the radiator.
Now having said all this, if I had a 55 year old water pump on my 292, I would probably replace it just to ensure that it doesn't leak in the future.
But it if doesn't leak or squeak now, it's probably not the root cause of your problem.
Also, before you diagnose the "problem". Make sure that you use a known temp gage or get a IR gun like below to verify that you really do have a problem!

Cheers,
Rick
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1955 F-600/272/E4OD// Disclaimer: No animals were injured while test driving my F-600 except the ones I ran over intentionally!
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