Coolant and oil leakage from the timing chain cover is a very common problem with 3.8L's and 4.2L's. I see them all the time at the shop i work at. If you do replace the cover gasket, make sure to get all the coolant/debris from the cover out of the oil pan (removing pan is a +) since that will instantly eat your bearings when you start it up, if left in there.
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2005 Suzuki Hayabusa GSX1300-R
1980 Ford Thunderbird - 255 V8
ported heads, 5.0L ported stock headers, O.R. H-pipe and Flowmaster 2-chambers, dual roller timing chain
hi-po Mack Truck hood emblem 
1985 Mustang GT 5.0L T5, F-303, GT40p, headers, off-road h, flowmasters, MSD stuff, etc.
Sold 02/06/04 
1989 Mustang GT ET: 13.304@102.29 mph (5-24-03)
Sold - 1998 Mustang Cobra coupe, 1/4 mile - street tires: 13.843@103.41 (bone stock)
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