Look in "The Ford Model A Instruction Book" (aka owner's manual) and they say to use the same grease that you use on the chassis. Unfortunately, this will result in a lot of grease inside your radiator and it will need to be cleaned out every few years or your car will overheat. Chassis grease is not water soluble, but it will get melted by hot water in the engine and get carried out into the radiator. There, when it cools, it coats the inside of the tubes and clogs up your radiator.
The better option (which we used since I was a kid) is calcium-based water pump grease that is actually water soluble. Any grease that finds its way into your cooling system dissolves in the cooling water. It does not plug up the radiator over time. We always kept a separate small grease gun loaded with this grease for just water pumps.
One supplier I have found for this water pump grease is Restoration Supply Company. They sell Lubriplate 115, made for water pumps. There are other suppliers, I'm sure.
As with engine oil discussions, this topic is bound to get a lot of negative comments, but this is really what you want to use. "Waterproof grease" will get carried out into your radiator and plug it up.
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