Thanks all - knew this crowd would have some quick answers! ;-)
To respond to the questions around placement of the water temp sensor - the car has aftermarket gauges installed in it (see pic below - sorry about the lint/cat hair - hadn't detailed the car recently!), and I can only assume that's the sensor for the water temp. As to why it was installed
there? It was installed well before I owned the car (two owners back), so I can't answer that - perhaps easiest location to get access to coolant? ;-)
As long as I'll be replacing that hose anyhow - can anyone recommend what they think would be a
better location for an aftermarket sensor to tap into the coolant system? While there is an OEM water temp gauge, I just like knowing my water temp is at "180F" vs "about 1/3 between the first white mark and second white mark" - so I plan to keep the gauge, but totally open to relocating the sensor location if there is a better option.
I'm also working on fixing an oil leak that appears to be related to...wait for it...the aftermarket oil pressure sensor hose, but that's another story for another day...