Think I Got A Water Pump Problem

[78SilveradoSWB]

My truck has been running hot lately, getting as high as 225 degrees and I can smell radiator antifreeze. Thought it was a bad thermostat I replaced it this morning and refilled with new anti-freeze. I ran the engine for a bit letting the temp rise and it still got over 210 degrees. Antifreeze was squirting straight down from the crank pulley. I'm assuming its coming out from the pump weep hole? Safe to assume its a water pump going out? I noticed yesterday a slight drag on the power steering which could be the pump seizing, causing a drag on the power steering.
You guys think my analysis is correct? If its a pump, I guess it would be a good time to get new hoses and belts too.