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Pete, At LEAST buy a head gasket and take it to the track with you. If you fix the waterpump and it still spits any coolant at all, just do the headgasket immediately. They can have minimal symtoms and then just let go.
As soon as I smelled burning water wetter, I knew it was toast. That smell is burned in my memory as it will be in yours if you don't do the cometic gasket before the season starts.
This is friendly advice, not gloom and doom.