Wil: It will be good to meet you again too. Yer right about the exhaust system. It may require a sawzall to remove, but I thought since I was already under the car, I'd give the fasteners a shot with the blaster. But in the end, I may just have the exhaust installed professionally. . .
Regarding the p/s pump: Someone on the 300 Club list discussed the P/S leaking problem. Apparently, the big o-ring seal gets old and causes the leak right at the bottom of the reservoir where it meets the body of the pump. The leak manifests itself by dripping down onto the lower radiator hose and then on to the floor of your garage mahal. The poster said that the pump itself is a very robust unit and doesn't ever have a problem, unless it runs low on earl.
I had my exhaust done by a friend. Best money I spent. When it's on a lift, they can get it to hang right with no rattles the first time.
I've experienced the same leak years ago and I'm glad you jogged my memory. The 300 has a slow leak that I need to address and I'll bet that's it.