there is a plate on the front of the tranny, has 3 small bolts holding it on. It is getting some oil seeping out of it. A guy told me this is just an inspection port, and that there is a seal around the shaft that needs replaced. It has gotten cracked and is letting oil seep to the inspection pan. Is this true?

 

No one can answer that without seeing the parts when it is apart.
It could be from the vent, which means rebuild time.
Ity could be from just the converter seal, simple.
Or it could be a grove wore into the converter from a seal. This would mean a converter replacement.
I should also ask if it is motor oil or trans fluid!
If motor oil it could be simple the rear seal!

 

that is good to know, now I won't waste my money on just one part until I do some more digging. I will try and see if it is tranny oil or motor oil some time today.