Turbo leak ????

[85 TR]

I popped the hood the other day and noticed water on my turbo ( very little) were the elbow bolts on to the egxuast side of the turbo ,right below the place were the wastegate rod connects.I then noticed air bubbles coming out of the water so ther is a leak on that seem.
Then I took the car for a spin and noticed it only boosting to 11 psi( has always stayed solid14) so I let of and floored the car again boost spiked to17 psi (wastgate is untouched)and then it droped to 14 quickly and the car felt dead .

car still runs fine but I havnt laid into it since my question is ,I was planning to get the turbo rebuilt within a few monthes does this mean it is time now or is this an easy fix.

Thanks for any help

 

[1984grandnat]

Assuming that the water isn't coming from inside the engine (especially anywhere near the turbo), it sounds like you just have a seal going out on the exhaust side. I believe that GM used thin metal "gaskets" to seal the turbo housings. If this is the case, it doesn't sound like a serious problem, you'll probably just have some fluctuations in your boost levels. If it were me, I'd just drive it like it is until you're ready to rebuild that turbo, then check into some new seals, hehe.