Spare or Ferment can probably explain the harmonic balancer function - to me it just looks like a big fat crank pully and it's driving the alternator I put on after the built in one quit working.
Just to be clear, it wasn't a gasket problem. It was the back shaft seal (there are two in the built in water pump - one in the back and one that goes in the front cover before you put it back on - very easy to ruin that seal putting the cover on). If you're getting coolant in the bilge and can't see where it's coming from, I bet that's it. There's a small hole to let coolant drain out (kind of hidden around the back/bottom of the water pump). If you have a good engine, other than the overheating, it's probably worth seeing if you can fix (or get fixed) the water pump, if that's what it is.
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 Scott, Portland, OR '85 V-20 I/O, Merc 170
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