Jason,
The feasibility of repairing your oil leak is something that you will have to answer. However, the mechanic's position sounds very reasonable. If you have a slight leak on a 27 year old engine, it is not normally repaired unless it is bothering the owner, and since you did not know that it was there until you were told about it, the leak must not be of much concern.
Since you should change the oil once a year, you will probably never need to add oil between changes because the add mark on you engine is 1 gallon down. So there is no financial benefit in fixing a slight leak.
Gerald