This is a potential fire hazard and you should make it a priority to replace it. Front valve cover gasket is an easy job on the bonneville, should be similar for your regal. Get the gasket (the ones that come flat on carboard and not folded up are a little easier to get in), otherwise you can use a little rtv to make sure it stays in place. Make sure when you replace the valve cover you torque bolts to spec.
The back valve cover is a little more trickey, I believe I had to remove the alternator to get to it. You should probably replace it as well though. If one is leaking, the other may not be far behind and you are less likely to notice a drip off the rear valve cover. You would probably smell every drip with the heat on in the winter though.
COTY - 2012
Tom - 03' Bonneville SSEi', 00' Sierra SLE, 1980 Goldwing GL1100 Interstate
Last edited by ymmot04; 11-21-2010 at 12:57 AM.