Though not definitive, my experience is that a leak from the front section of the engine is from the front seal on the crank shaft. I replaced the ropes with the new neoprene seal and have never looked back. If you are certain it is not the front seal, then I would get a paper gasket, use Permatex Ultra-Black gasket maker and seal it up. I would also clean the surfaces with a wire wheel good to get the old gasket and crud out. Also, make sure you use the right bolts around the governor or you will be in big trouble.
If the bolts and nuts and washers are old, splurge and get new. No reason to mess with old bolts; grade five will work fine.
I don't know what your mechanical ability is, but be ready to time the dizzy when you re-install it.
The last thing I would tell you is to get some blocks and block under that front end. Blocks interwoven don't fall. If you don't have any, go to Lowes or HD and find the most crooked 6x6 or 4x6 you can find, throw it on your cart and get the manager to take 50% off to get rid of it. I have done it on several occasions and they are willing to discount deeply warped posts. That and fence jobs are how I got my blocks.
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