My experience with water pumps...if the motor overheats or runs warmer than normal...it is probably the water pump.
Youshould also be able to tell if the power steering pump is going just by the simple fact the it will be harder in the steering dept.
My quick simple test for finding out where the noise is coming from: get a stethescope(or a steel rod) place it on the water pump and or the power steering pump near the bearings and put your ear to the other end of the rod...you will find out real quick which one is making all the noise.
Good Luck with that.
John