After degreasing and removing 18 layers of crap I found an interesting surprise....it looks to me like the timing cover, oil pump, water pump, ect,ect was all replaced in the not so distant past, which is great.
The leak is coming from behind the water pump where the timing cover, head and block all come together. A quick bit of research shows that when doing a timing set it is critical to apply liberal amounts of rtv to these corners along with the gasket in order to seal them up. My guess is that was not done. Looks like I get to pull it apart and reseal it all.