Worked in the engine bay for a change!
I pulled out the water pump outlet to find that the rubber seal on the thermostat had started to dissolve along with the other rubber parts of the thermostat. I suspect that it might have had sealant holding it on previously and the outlet was well gunked up and has been quite corroded, along with a pretty tired, but still functioning, thermostat.
I cleaned up the seat that the thermostat sits in (water pump side) and it was all 100% intact just ran a file gently around it to remove any old rubber / sealant. Finished product of the outlet is pictured below, I got a paper gasket (Dayco DTG9) that was the right size and put a small amount of RTV only on the outlet side to fill the pitting and she is all sealed up and no more drips on the floor!
I went with a slightly cooler thermostat (190F) after reading some folks recommending this on the early Hemi's to try and avoid valve retainer issues.