Many years back I was changing the oil pump on my '72 Formula 400 because the oil pressure was low,(it turned out to be the very long lines going to the remote oil filter set up), I was looking around at the inside of the engine(my first Pontiac) when I saw a water droplet seep out through the block just below the bottom of one of the bores!
A quick way to pressurise the cooling system is to fit a cut down bicycle inner tube with the Schraeder valve in place of the top/bottom radiator hose and put 20 psi to it. Any leaks should be apparent, leave it overnight to see if you still have 20psi in it in the morning.
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