rustystud
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If you keep the radiator cap loose you will loose cooling ability. Now if it is the water pump then it might allow more coolant flow through the radiator but really you should buy a new water pump. Actually these older water pumps are rebuildable by yourself if you can get the water seals. Either way I would take the water pump off just to verify it is working properly and then you can also look into the block water passages and see if any thing is blocking them. Another thing that can happen is the sand from when the block was cast could have gotten impacted and never came out during machining. A engine overheat can cause the sand to come loose and then fill the bottom of the block with sandy gunk. I have actually seen this happen several times. All to 1950's engines. My best friends Dodge 2 ton truck with a early Hemi had this happen to him too. I was with him on the road trip when it actually happened.