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Samstar,
I have a 95 850 and it too makes this noise. I have had the car since December 2000 and have never had any problems associated with that noise. The original owner told me it was normal for the car.
As for your leak, it is standard on those cars to replace the rear main seal after so many thousands of miles, and my maintenance records indicated that the original owners had this taken care of when it happened to mine.
Good luck with your 850. It is a fun car to drive, it has good pickup, but it does tend to have little things that go wrong with it. This board is a good place to help you trouble shoot.
j
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