It looks easy. There looks to be plenty of room to remove it since it has the electric fans instead of the mechanical fan. Will I still need to remove the fans and the shroud? I'm thinking I'm gonna have to remove the alternator too. Am I correct?

It's been too long. I'd say yes on the alternator just because it opens up space to ensure those clean gasket surfaces. You can probably leave the fan & shroud alone.

What is the torque specifications for the water pump bolts?

the alternator is a whopping 4 bolts, so just remove it if it'll make life easier. My car had a mechanical fan which would have made life difficult, but with my not-stock electric fans I'd have a ton of room. Water pump ought to be pretty easy, just a couple bolts, but I haven't actually had to do one on a Panther. If its like every other car, the hardest part will be separating the aluminum pump from the iron block as the 2 dissimilar metals have likely become quite friendly in the presence of water.

The last (and only) time I replaced a water pump on a 4.6L it was a royal PITA. The pump had fused itself to the block and it wouldn't budge. I had to phone a friend, and he resorted to one of those pry bars big enough to relocate small planets, and a rather substantial BFH.

So the waterpump shaft broke, the pulley fell off, and the belt would have gone all slack and come off the other pulleys, and you didn't notice all that?

The pulley didn't fall off. I guess the bearings in the water pump were going bad so it was wobbling a little bit. I was showing a friend what it was doing. I only had the car on for a couple seconds and apparently the whole thing dropped just a little bit but it landed on the crankshaft pulley below it. It's barely on it tho but of course I shut it off immediately and haven't started it up since. My sister drives my car a lot and she knows nothing about cars so she didn't notice it.

Okay, so can somebody tell me the torque specs? Also, can I do a real flush without being able to turn my car on?

Mitchell is showing 18lb/ft for the water pump and water pump pulley bolts. Also, it's saying to make sure your mounting surface is clean and to lubricate the new o-ring with coolant. Once you install the new pump, do not twist it too much or you can damage the seal. Hope this helps.

Of course!!! Mitchell ondemand its probably the best tool a mechanic can have!!!

with the regular thermostat will not keep the car at normal what makes you think a 180tstat will do any better?

Probably not on the flush. Check the link in my sig for info on proper flush conditions.

You should find this helpful:

http://www.idmsvcs.com/2vmod/waterpump/index.html

Yes, the pump is really easy. Did mine a little while ago, took all of an hour. Make sure you loosely tighten the screws first with your hand, then torque them down to make sure everything is lined up properly.