It's probably the brushes on the fan motor. You can get the motor rebuilt with new brushes, replace the motor or get the entire fan/shroud/motor assembly from Ford.
Water pumps don't die by pumping less water. They die by leaking water at the shaft seal. They still pump water just fine though. Only if there is rampant corrosion that completely eats away the steel impeller will the pump move less water. If that is the case, your cast iron engine block has more problems than the water pump.
------------------
Scott
1991, 252K miles, glass hood, police grill, SVO shifter, Catz fogs,
K&N, 73mm MAF, Superchip, PP Y-pipe, Borla cat-back, 190 lph pump
Eibach/Tokico/polyurethane, SHO Shop front & rear strut braces,
16x7.5" Moda R1, 225/55ZR16 Bridgestone RE730, -1 deg camber x 4,
Class II hitch, Silver award at the SHOklahoma Car Show