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5.0L (1979-1995) MustangTechnical discussions on 5.0 Liter Mustangs within. This does not include the 5.0 from the 2011 Mustang GT. That information is in the 2005-1011 section.
I just thought it would be easier to add a new one. I will search for the grounds again today and keep you updated
A new ground cable would help if, and only if, it is bypassing the ground connection/wire that is bad. Guessing and throwing a ground strap in some random location won’t help anything unless the planets are aligned in the right order to allow you to guess the correct location.
The problem your having is with the radio/speakers. Adding a ground from the water pump to the battery negative post or frame will only help if the radio/speakers get its ground through the engine block. I’m pretty sure that is not the case. Too much electrical noise.
The factory service manual will have all the ground locations listed in a nice diagram.