Dear Mzzz Molly, correct terminology and more than less detail is always best.
No, orange is iron/rust and it doesn't mean low water in the well. To me it says maybe there is enough air/oxygen in the water to cause the ferrous iron to convert to ferric iron which causes the color; orange is actually rust. That could mean the pump is sucking some air. You can have an air/suction leak without it leaking water. There could also be something going on in the well now that wasn't before the orange water showed up, like the water level causing air suction.
I'm with the driller, and I see Ron/Pumpman answered a question for you about this the other day here mentioning a possible problem inside the pump, as I have this morning. I think you should take a look at your manual and the parts breakdown pictures, if not the troubleshooting section! and figure out how to check for a blocked jet/eductor or broken impeller. Then if nothing is found, you need to check the static water level in the well, then pull the drop pipe and check out the foot valve's inlet and the check valve in it; the spring could be broken and not allowing full flow, or something is sucked up against the inlet screening.
You did check to see that the pump motor is set/jumped for the same voltage you are supplying it with right?
You did replace the old pump with the same gpm AND hp pump right?
BTW, for decades millions of people used well water systems set to operate at 20/40 psi; that's an average of 30 psi. You will have that pressure at the outlet of the pressure tank, but if not to the fixtures, then check for a closed valve past the pressure tank. Check for blocked aerators and shower heads too; recall the dirt you found in the old pump, well there probably was dirt in the plumbing too and was broken loose when replacing the pump. Now it's anywhere it can move to; including into the fixtures and the new pump.
Gary
Quality Water Associates