The water pump weep hole is on the underside of the pump housing, pretty close to the shaft. I could not see mine, until I removed the water pump.
The red you see could also be HOAT coolant, which is generally red in color. That is the spec-ed coolant for the '04. When I replaced my water pump, I also replaced the thermostat, the thermostat housing and gasket. Since I hate draining the system and spending money on coolant, I figured I would do it all at the same time. Actually, I also replaced the two radiator hoses and heater hoses while I was at it. And, the hard pipe that screws into the water pump.