Exhaust leak
I'm going to live with the exhaust leak for a while.
Fix it. Do not procrastinate.
Some words of encouragement:
Exhaust leak means air is getting sucked in as well as exhaust leaking out.
That air getting sucked in goes past the O2 sensor and it sends lean signal to PCM. PCM adds fuel to a bank of cylinders that do not need it and they run rich.
Rich mixtures in the cylinder can wash the oil off the cylinder walls, and pollute the crankcase with fuel which can thin out the oil over time. Rich mixtures also lead to more unburnt fuel in the exhaust and the catalytic converter will burn the extra fuel which can lead to elevated temperatures in the cats.
In the 80's there were a lot of engines that would end up having blow by and other engine problems at around 60,000-70,000 miles. I am convinced that it was caused from the carburetors of the time that never quite held the correct air to fuel mixtures.
I hold fuel injection accountable for the longer lasting engines that we have today, the PCM's control of the systems usually keep things closer to where they should be even when things go wrong. A correctly running engine will have less wear and tear on the cylinder walls, rings, pistons, and bearing in the lower end.
Edit: forgot to add this
A friend of mine had one loose bolt on his 5.0 mountaineer, it was one that bolted the exhaust pipe to the manifold on one side. Fuel trims were 15% extra fuel being added. I tightened the bolt and it went back to 0 +or- 5% (where they should be).