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The 5S-FE has a number of oil seals that tend to get flakey after a decade or more -- the valve cover gasket, the distributor o-ring, the camshaft and crankshaft seals, the oil pump o-ring, and the oil pump shaft seal. Failures are more of a "weep" nature than a gusher.
If you want to be sure, get a few cans of generic "engine brite", clean off the engine, and then start looking for fresh oil. OTOH, your dizzy o-ring is certainly due for replacement. If you can do it DIY, it's probably worth your time (the o-ring itself is dirt cheap).
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