Hello Shnate,
The leak is normal if the shaft is not in and the tail is low.
There is a seal but it is made to seal with the shaft in place.
I would not worry. Did it leak before? If it did then that is a different issue.
But remember the shaft fills 3/4 of the opening and the seal just fits.
If you did decide to replace the seal it is pretty easy. I don't think I would however
but for a good link go here
http://www.flatheadv8.org/T5Rebuild.pdf
There is a section on remove/install rear seal Print Dad