Hey Seth!
I just dropped-in here at Iseki forum to follow-up on my ignition-switch question, and saw your query about water pump problems.
My son bought a Bolens-Iseki G194 which developed a waterpump (leakage) problem, and I had great luck with the DESSCO company in Utah (see my water- pump related post in Sept. and Oct. 2009). I had such great luck with the folks at DESSCO that I wrote their owner a letter commending his Parts Dept. personnel. But they WERE great, steered me 'right' and got me the correct part, etc., for cheap-money price too, so I have no problem in doing personal advertising for them (b.t.w., I'm located in NH).
Like you, I'm no mechanic.... so I used a local guy who IS a mechanic, he came over one Sat. morning with tools, pulled the belt-pully wheel, removed the fan and then replaced the water-pump. Am pretty sure he used the gasket that came with the pump, he might have painted it up with some gasket sealer too, but I don't recall for sure. Anyway, the whole thing took him less than an hour, and it wasn't brain-surgery that's for-sure.
I don't know how your tractor is set-up, but assume its mechanics would be similar to our G194 in operation and design. On ours the seals around the shaft of the W/P were just worn-out; I could have had it rebuilt for $350., and there were LOTS of folks who wanted to sell me a new W/P for $400+,
but DESSCO fixed me up with new pump for about $150.
Good luck ! If your tractor isn't working now, go ahead & try this repair yourself.... if it doesn't work afterwards, you haven't lost any ground.
J. Henley