That blast out the open cap sure sounds like a possible air bubble to me too. Air in the system can give you all sorts of strange symptoms, but that doesn't usually include blowing off the lower hose!
If you have your heater hoses hooked up, you might try pulling the heat knob all the way out to let water circulate in the core. I used to aim the Bronco up a steep driveway with the heater on and the radiator cap off to burp any air out of the system.
Good luck. Hope you got it licked.
By the way, a pump can pump water and still have a leaky weep hole/seal. BUT, It's probably more likely that your leak out the bottom of the pump was actually water spraying out the lower hose up onto the pump that was then dripping down and looking for all the world like a leaky pump.
Not that you couldn't have a bad new pump of course, but the hose was a known leak point and I've had a leak in the lower hose look like a bad pump before.
Paul