Eric,
I don't see any leaking but it does look like the original and probably should be replaced. I note that the wire connector is cracked and this probably let water into the connection so it is probably corroded. Also, the ground has probably been compromised due to rust. I would add a separate ground wire as Griff has suggested. I plan on doing this too.
You might be able to pull off the wire connector and clean the pin sockets with a tiny file or rolled up emery cloth. And maybe you could re-seal the connector's cover with some liquid rubber or similar.
