Phillip..... ...both of your questions are very common and have been answered many times, you might want to check the "archives" at the top of this great N-Board for more fully explained fixx'ems. The governor aluminum housing lips WARP from EXCESSIVE tightning. Remove 2-bolts, SHORT BOLT on top, and "sand" housing on FLAT surface in "figger-8's" scheme to keep it level as you remove the bumps around the bolt holes. The hi-tech danglin' cotterkey, is Ford's secret trick to keep dirt from cloggin' the NECESSARY clutch housing drain holes. There are 2-sources of oilleaks. The engine crankshaft rearseal behind the flywheel....OR....the most likely leak, the tranny mainseal $3, (cheap). Most of the time, the tranny mainseal leaks 'cuz you OVERFILL the tranny-hydro oil. Overfilled tranny-hydro oil will also slop out yer rearaxle seals and greeze yer brakeshoes. NOT GOOD. To check and set the correct level of yer 5-gals of hydro-tranny oil, remove the 6-o'clock bottom bolt of the round tranny oil dipstick and letter drain down the outside of yer tranny overnite. Neither clutch housing oilleaks are dangerous, but to the fastidious, oilleaks are no-no. Me? Iff'n it bothers you, use some bailin' wire and wire some tunafish cans under yer drippers, simple, eh?..... ...respectfully, Dell
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