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Being that old, you may have a cooling system that needs a back flush. Also, check for loose fins between the core tubes.Thanks for all the help, I have confirmed that the head gasket is good. Have not pulled the thermostat yet. I adjusted the carburetor and took it on a few drives this week, no overheating but still a bit of boiling. Otherwise everything is working as is.
Are you sure you're not hearing your compressor kicking on? The water pump runs all the time when the engine is turning over. There would nothing to hear on the water pump - unless the bearings are going out.That does all seem to be happening. After running for about I and a half minutes I can hear the pump kick in and I also saw bubbles and coolant rising in the burp funnel.