fyi, I wouldn't use locktite on that little bolt. the problem with that little diff bolt is that it's too long, and too skinny. I've snapped off more than one inside the diff trying to get them out, and when that happens, your in for a world of hell trying to get it out. that bolt is very fragile.
If your axle seals are shot, then there is a real damn good chance your axle bearings are shot too. It would be silly to go in there and replace the seals without changine the bearings. In fact, what usually happens is that your wheel bearing wears, which causes wobble with the axle shaft, which ruins the seal.
rent a three pronged puller and a slide hammer from napa to get the job done, and PULL like your gonna pull the car off the jack stands, and the bearing should come out. Getting the new bearings in are simple, but getting the new seals in are a major bitch. I went through several of them. They are very easy to damage on install. Use the old axle seal and put it up on top of the new one, grab a very short section of 2x4 wood, place it against the old seal, which is against the new one, and tap it evenly into place using a hammer against the 2x4 (mallot preffered) This method will distribute the blows evenly across the seal so you don't damage it upon installation.
One other note, be prepared for bad axleshafts. If there are ANY grooves at all on the bearing surfaces, the axle shafts are shot. you have two choices:
1. i've heard of bearings that you can buy which will ride on a different part of the axle.
2. best bet, buy new axle shafts. Some people want to rape you for them. don't pay more than $25 each. any mustang 8.8 axle from a fox will work just fine, and you can also use ANY axle shaft from any 7.5 mustang too, axle shafts are the same