It is a drop the cradle job with an automatic. Manual transmissions can be removed without dropping the cradle completely. Transmission oil on a manual would be clear. Red on an automatic. Engine oil is usually black due to combustion contamination.
I forgot to look when we were at Memory Lane, but you can determine if it's coming from the distributor easily enough. You should be able to see a puddle of black oil at the base of the distributor or on a little depression near it, on the top of the transmission. Sometimes the oil will follow the seam between the transmission and engine block and travel around to the bottom, making one think it's a rear seal leak.
If you aren't getting oil splatters on the rear fascia, then the leak isn't really bad.