I did notice oil leaking out the back of the intake manifold(even though the PO looks like he used a whole tube of RTV), could that be a source of a vacuum leak?
Normally, no. It would just be the source of an oil leak.
But if you have an internal leak, where one or more of the intake ports are leaking from the cranckase side, this can then be a leak at the end rail of the intake. But you would not see much oil coming out. Rather it would be trying to suck it in.
And to a certain extent, the PCV valve will be pulling some vacuum through any gaps, and can effect idle. But for now let's just lower the idle first, see if it runs, then check for vacuum leaks with one of the usual methods.
And speaking of the PCV valve... How is yours plumbed in?
Is it worth messing with timing and idle before I change the intake gaskets or am I just chasing my tail till the gaskets are replaced and eliminating the leak?
It's absolutely worth messing with first. It's not running correctly now, and the initial adjustments are easy and quick to accomplish. You're still in the experimental phase to even see what's going on, so do the quick and easy (and cheap!) stuff.
Yes, you're going to have to redo most of it after changing an intake, but again, it's quick and easy and might give you more information right away.
Things I would do would be to leave the timing where it is for now, and lower the idle speed just to see what it gets you.
Then lower the timing to the 8-10 degree range just to see what it gets you.
Obviously after you change timing you're going to have to raise the idle again, but that's the tuning-dance we all go through when changing things.
For that reason, of course you could actually change the timing first. I'm just thinking that changing the idle just needs a quick turn of the screws to see what it gets you. You could in fact do either one first. I'm just thinking simple first.
Of course too, whenever you change the idle speed you almost always need to tweak the idle/air mixture screws to achieve the smoothest and maybe even highest idle. Then mess with the speed screw again. Then mess with them all over again until you achieve the balance you're looking for.
After, or during whatever initial adjustments you make, by all means check for vacuum leaks all over the intake and carb area. I use carb cleaner on all except an engine with newer paint. Otherwise water or WD-40 or other more benign spray will work.
Spray any potential leak area, including any vacuum hoses down to the transmission, AND down at the transmission modulator valve.
I don't know this for a fact, but perhaps the others know whether or not a defective modulator could be causing any of this trouble?
Good luck.
Paul