It is normal for oil to be at that level: the dry-sump side of the oil pump leaves about 1" deep oil in the pan while the engine runs. It is fairly common for that cover to weep oil on the engines made before 1975 because the side covers were not de-stressed, just flat-ground. If you suspect the cover may be slightly warped now (which I have sometimes seen) you can have a machine shop flat-grind it for you, for $40-$50.
Make sure someone (before you) hasn't gouged the gasket surface somewhere when removing a stuck-on gasket, too. If it is, I use some Hondabond (for small gouges) or Permatex#2 (for deeper ones) on both sides of the gasket at the gouge site. I don't suggest using it all around this gasket, or you may never be able to remove this cover again if you need to: there just isn't many places to pry it off the engine!
