You are right and I have been schooled on the rear axle diff cover. It is leaking from the third member gasket, I have no issues with the rear axle leaks or gear lash, except for the leak at the gasket. Should I let it drip? Do I have to pull the axles to replace the third member gasket ?
I HATE leaks so I may be the wrong person to ask. That said, it wasn't too difficult to do and I now know exactly when my rear axle was serviced. The third member is about 70 pounds and a bit awkward, but lifting it out and putting it back were the hardest part...and still not that bad.
Here was my process. I drove it around first to heat the gear oil a bit.
1. Used a cheap oil pump to remove some of the gear oil.
1b. Pulled both axles
2. Cracked open the third member and let it all drain.
3. Pulled both seals from the axle housing.
4. Pulled the third member completely. The copper washers will fight you in a couple of locations so be creative and patient.
5. Wiped the remaining oil and 46 years of gunk from the bottom of the housing.
6. Drilled and tapped the backside of the housing for a 1/8" NPT plug (will make changing the gear oil a LOT easier next time).
7. Ordered Timken axle bearings and had my local mechanic remove the old ones and press on the new ones.
8. Drove in new axle seals.
9. Cleaned up the third member and axle housing surfaces.
10. Placed the Lubelocker gasket over the studs (Lubelocker label will orient on the passenger side, at the 9 o'clock position).
11. Used a floor jack to help lift the third member close to its final destination.
12. Install the nuts, new copper washers, and torque following the Lubelocker illustration they provide.
13. Rebuild/service rear drum components.
14. Place a little oil on the axle seals and carefully slide the axles home.
15. When everything is buttoned up, fill with the gear oil of your choosing. I ended up using conventional 80w90.
It took me parts of several days but it was well worth it in my opinion. I was happy to replace 46 year-old bearings and seals (and mine weren't even leaking). Peace of mind, and all that....