Honda Repair: Overheating, radiator shop, poor circulation

Question
I have a 1997 4Dr LX Honda accord.I had a problem with my check engine light and emission test.i got my check engine light fixed and sensors replaced.After that there is no check engine light coming.After the sensors are replaced i drove the car and it was fine.The next day when i started the car after 3-4 mins ,i heard noisy groans and RPM fluctuating.I drove my car to a mechanic and saw the car getting over heated.Mechanic has observed the same and said water is drained out and there is a problem with water pump.He filled the radiator with water and it drove fine for 10 miles without any heating.
The mechanic says it is a problem with  Water Pump and needs to replace it.He suggested to replace the Timing Belt,Bearing Shaft belt,crank seal,cam seal,water pump,balance seal and Tensioner as part of 120K mantenance.The current miles on the car is 116K.I approached another mechanic after filling with water,he said there is no issue better replace thermostat or radiator.
I am confused on what to do?Should i replace Water pump and all parts or only thermostat or radiator.
Generally should we replace all the above parts as maintenance for every 60,000 miles.
What would be the cost for replacing all?
Can i drive the vehicle in this condition,if so how long and how many miles daily?


Answer
If the water pump is bad, you will not circulate enough water through the engine and it could cause long term problems. A plugged radiator would also cause poor circulation. If you are going to drive the car in the current condition, you need to make sure you have enough antifreeze in the system at all times and I would carry it with you. Check it when it is cold. Whoever does the work needs to diagnosis the problem, sound like they are replacing parts without finding the real problem. It is possible you may have multiple part failures. If the water is coming out of the water pump (weep hole), that may indicate a bad water pump. You can have the radiator tested at a radiator shop. If you take the radiator cap off when the engine is cool, check to see if there is any corrosion or rust blocking any of the holes you can see, that might give you some indication if the radiator is bad. The thermostat is cheap and easy to replace and usually the first thing done.
If the WP needs replacing, yes you will want to replace the timing belt, bearing shaft belt, balance seal and tensioner. I think the crank seal and cam seal are overkill, but I'm not sure how much that would save you by not having them replaced. You're looking at spending a lot of money to get all that replaced, probably around $600 or more.
Also if you are going to drive it in the current condition, keep an eye on the temperature gauge and if it over heats you will want to shut the engine off right away, otherwise you can do major engine damage.
Lots of info here, let me know if you need any clarification. Please send me a follow-up.