I'm in the middle of doing this myself, so I can tell you from first-hand experience what it's like. My front crank seal (under the timing cover) is leaking like a sieve, about three times worse than yours (with the engine idling, it was dripping around once every second).
It's not exactly a difficult job (I'm not a mechanic, but I've been working on my Yotas for around ten years now), but you need a lot of patience. And penetrating oil (for the crank pulley). And a torch (also for the crank pulley). Oh, and an impact gun (for the crank pulley retainer bolt). You have to be very careful that you follow the steps to remove the timing belt to the letter (set the #1 piston to top dead center ON THE COMPRESSION STROKE, not the exhaust), or you'll goof the timing and waste all that time and effort.
I've got the engine apart, waiting on the seals from NAPA (I'm replacing the crank seal and the oil pump o-ring/oil seal). So far, I've been at it for around six hours--but I work outside, at night, in the cold. I would bet I'll have eight hours in by the time I'm done. I'd say that's worth doing, to save $500 or $600 at the mechanic's. And it's always good to get to know your engine first-hand, you can see if any other problems have cropped-up like a worn timing belt or tensioner...good luck, whatever you do. Just GET IT FIXED, or you'll blow a bearing with all that low oil pressure.
P.S.: Read the service manual and get a feel for the job:
http://www.onlinefreeebooks.net/auto...anual-pdf.html
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1990 5spd V6 Camry (Still kicking at 393,000km) 1991 Celica GTS -- Pappa needs a 3SGTE...and AWD for all this friggin' snow
Honda my A$$, you just can't kill a Yota...