200TQ water pump leak-impending disaster?

[Blake Gibb]

My 1990 200 TQ is making some noise from the front of the engine and
I am seeing 3-4 drips of coolant on the ground at the front of the
car when I stop it. Sounds like a water pump to me. Might it go like
this for a while or do these things let lose with a bang. It just
started about a week ago. If I understand correctly I might as well
do the timing belt along with the water pump, yes?  How big a job is
this?
TIA
Blake
1990 200TQ Pear White 188K