pidjones
Over 1,000 Posts
Uh-Oh. Water pump seal tell-tale weep hole. Indicates you have a leaky seal on the water pump. Sometimes (rarely) they kinda almost seal back up with time. Usually get worse, at least from all I've read. Been very lucky so far and mine are still good. I've read people's write-ups on replacement and although it CAN be done in-frame, I'd go ahead and pull the engine because the whole front trany case has to come off.
Oil might be from valve cover gasket. Some folks have a heck of a time getting them to seal. Once again, I've been lucky. Or hold my mouth right when I put them on. The valve cover bolt grommets harden and split sometimes, too. Valve cover gaskets and the grommets are still available. When you tighten the valve cover bolts, remember that they have a land on them that will stop them from tightening anymore. Don't break them off or strip the female threads.
Oil might be from valve cover gasket. Some folks have a heck of a time getting them to seal. Once again, I've been lucky. Or hold my mouth right when I put them on. The valve cover bolt grommets harden and split sometimes, too. Valve cover gaskets and the grommets are still available. When you tighten the valve cover bolts, remember that they have a land on them that will stop them from tightening anymore. Don't break them off or strip the female threads.