Well, I agree with Geebee on the inhibitor thing, and also the tranny fluid level.
I am particularly cautious about Falcons that have not been fed the correct coolant mix - with a copper radiator core, an iron block, and an alloy head, they are very susceptible to problems caused by an ill maintained coolant system. Many people seem to think that plain tap water is fine - but that is simply not the case. A simple (devious) query can get the owner to give it up regarding their maintenance methods: "So, you keep the radiator topped up?..." - "Yeah, we pop fresh tap water in it every fortnight" - that would not be a good thing (in a previous thread I described how an owner told me that he used bore water to top up the surge tank - little wonder it needed a refill every two weeks - magically disappearing water?).
Also I would be concerned about oil coming from the flywheel housing - could be a sign of the rear main crankshaft bearing wearing out - and vibration possibly causing the leak. I'm told that this can be very expensive to fix if the bearing needs to be replaced - could just be the seal though.
My advice?...Check out the cost of fixing the important stuff with a mechanic...you can use such a quote to lever the price down if you really want to buy the car. Alternatively, you can just walk away Renee!