The front seal blowout is a common problem on those transmissions. You could replace the seal, and have a new bushing machined into the bellhousing (if it's needed). There are a couple of places which do this kind of service. The weep hole (also known as the drain back hole) could be bored out to 5/16" to help prevent the seal from blowing out. It's not always necessary to junk the entire transmission.