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The cooling system pressure is 15 psi so if your hose is leaking at 7psi you will need to address it. If you have a greasy substance on your radiator cap that is a sure sign of a bad oil cooler o-ring seal. Water in the oil is possibly a bad head gasket. Also another way to access the oil cooler seals is when the water pump is out as this provides good access to the 4 bolts without removing the exhaust. Hopefully you have neither problem and can just replace the belts as George recommended.
Did you do a check of the plugs for fouling and also a compression test? Is your cam tower leak the base gasket or just the rear cover? The rear cover gaskets are cork and prone to leaking, try just tightening first. The base gasket is a lot more work involving retiming the cam, etc.
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