Power steering, oil seals and timing belt

Hi all. I noticed about a week ago that I have oil dripping through my timing belt cover. It will be a while before I get around to repairing the seals (I suspect crank and/or cam seals). I was wondering if these leaking seals are endangering my timing belt by soaking it with oil. I think that could be very possible, but I have read posts where people had said their dealer told them they should repair the seals unless they wanted to add oil constantly, not warning them of any premature timing belt failure due to the leaking oil. Hmmmm... Does the oil from this type of leak find it's way back to the exhaust? When I stop at lights and such, I get a puff or several of smoke coming from behind the front wheels on either side of the car.
I may also have a leak at the driver's side rear corner of the engine, but haven't stuck my head far enough up in there to see exactly where it is coming from (I have a large head). Is there any other problem (besides cam cover gaskets) that could be causing this? This might explain some of the smoke that I see at a stop, but does not explain the smoke from the passenger side.
Lastly, I have the LS-L Touring- speed sensitive power steering. While turning in parking lots and cornering at low speed the steering seems choppy and not fully assisted. At very low speed (especially when cold) it even is a little noisy. I have noticed no leaks. Is there an easy fix or is this a sign of pump failure?
I apologize for the length and complexity of this post, but the way this site is designed, this might be the best way of condensing information and preventing people from having to lay breadcrumbs or blow snot, whichever you prefer. Huh?

[vkykam]

1) Oil leaking from the timing cover is usually the cam seals or the front crank seal. The oil will do damage to the belt. But if you're there removing the seals, change the belt anyways.

2) If the leak was away from the belt, then I *suppose* you could leave it and just add oil.

3) Leak from the drivers side rear corner of the engine is likely power steering fluid, given what you have said about your steering. At least that is the first place to check. Check the lines, check the seals, and cross your finger that it's not coming from your rack.

VK

You have a '92 with 123K on it? Sounds like your overdue for a power steering return line split
Not that this is common with the SVX but its also not unheard of. It is NOT fun having the line completely split open while you are driving home so I suggest you check it as soon as you get a chance.

Thanks guys! Putting her up on jack stands today!

I doubt power steering fluid, I can tell the smells apart. Power steering fluid smells more like tranny fluid, this is definately oil. But thanks for worrying me!

[vkykam]

Well, if it's oil, then it might be the valve cover gaskets.

They aren't hard to replace, IF you have small hands.

VK