The water pump only uses one belt, that is why the other groove is rusty.
The water pump belt replacement is a bear. In a nut shell the water pump housing is round, the pump is eccentric in that housing, think egg shaped. You turn the water pump after loosening the ring around it to adjust the belt on/off. Pump is usually siezed and will leak all the coolant out after the seal is disturbed. Pump will need to be pulled to replace the copper crush gasket. It uses ~~ now hear this, grease to seal it. Craziest thing i have seen in 25 years of automotive aftermarket. Some have been able to rotate the pump without leaking but expect murphy to bite hard
My recommendation is just change the water pump while at it and that will buy you time probably for the life of the truck.
Other tid bit is that the front axle seals are prone to leak besides the boot. The axles leak gear oil, the boot leaks grease. If one leaks into the other they make quite a runny greasy mess.
Unfortunately the water pump and the axle seals are real

jobs to tackle.
Boots can be solid or zipper. Many thoughts on that and I leave it to you to research and see what is best for your scenario.