I pulled the FD alternator bracket off, and the bolt that runs through the water pump housing and the bracket was a bit corroded and rusty/orange on the last inch or so. Almost smelled of coolant. Does this mean trouble or is this common?

 

It's not uncommon. It can be leftover from a previous job if someone didn't clean up spilled coolant.

If you were leaking coolant you'd know it pretty quickly.

I always put a little antisieze on any of the bolts and nuts that are near coolant like that, especially the thermostat housing. Clean up the rust, put on some antiseize, and you're in business.

Dale

 

Thank you for the clear and concise answer, much appreciated.