Oil Return Line problems.

Hi all, if you have been reading the 2.3 forum you probably know that I just got an 83 Turbo GT. Well I pulled it off the trailer and discovered that oil was leaking from somewhere so I look where the oil pressure sensor is and the oil is just running down the side of the engine. This looks like it could be a really bad thing then again maybe not. Has anyone else ever experienced this kind of leak???

I cleaned out the engine with degreaser, let it dry, and had my buddy start it while I put some light on the situation and little to my amazement the oil sending unit started leaking out the top where the plug connects.

Out of curiousity I called the guy I bought it from to ask if he knew about the major oil leak and he said

"Yeah why do you think I sold the damn thing."

I knew something was out of place when we were working the deal because he was wanting it gone bad. The call ended something like this.

"Well Buddy, your major oil leak turned out to be a bad oil pressure sensor. Thanks for the awesome car it runs great now. CLICK"

I know he will be kicking himseld later on.