The engine does not have to come out, but there are something like 40-50 bolts holding the cover on. If one or two or three snap off, which depending on your cars condition may or may not be likely, it would be much easier to fix with the engine removed.
To determine the severity, keep track of how much oil you are losing. Simple as that, if it isn't enough to warrant adding oil between changes I wouldn't bother.
To determine the severity, keep track of how much oil you are losing. Simple as that, if it isn't enough to warrant adding oil between changes I wouldn't bother.