UPDATE: OK, we replaced the pump with a NEW (not rebuilt) stock model
https://www.macsautoparts.com/1971-1973-mustang-power-steering-pump-with-reservoir-6-cylinder-or-v8-44-851508-1.html (not the Saginaw) and even though it looked great, we replaced the pressure hose too.
Post inspection of the hose revealed unrestricted airflow. Fluid inspection revealed about a tablespoon of a very fine milky silvery substance that sank to the bottom. Not granular between the fingers.
RESULT: There is currently NO NOISE FROM THE SYSTEM. The car drives like a dream.
THOUGHTS: I am cautiously optimistic that the pump was the problem. We will see if this holds up over time. One nagging issue is that this bad pump was just rebuilt by powersteering.com. So, I ask myself, a couple of questions:
1. Could the pump have been worn beyond repair when I sent it in?
2. What would be worn that wouLd not have been replaced in a rebuild?
3. If the pump was beyond repair, shouldn’t the shop have caught that?
4. Was it just a bad rebuild?
That rebuilt pump was noisy from the start, but got even worse over time.
SHOP NOTE: Rent the pulley tool from your local shop. The pulley came off, and went on the new pump “like butta”.
Thanks for everyone’s input. You guys are awesome.
JB