I just finished replacing my Balancer, Timing cover, and water pump. Got it all put back together and the car runs great, except that it is leaking coolant. I couldn't pin-point the leak for hours then i noticed it. There is a little slit in the bottom of the timing cover i must have missed it with rtv or something, just wanted to know if this is a common problem and why in the hell is that thing even there?

 

The picture is a little blurry but that notch should be for if the pump fails.
You probably have a bad seal with the water pump.
I had the same thing happen before.Once I installed a new gasket all was good.

 

yeah, this thing is pissing me off like none other. Also is it common for a temp gauge to jump up and down. Because right now mine wont go above the M in normal but it constantly jump up and down

 

There might still be an air pocket somewhere.
Mine did that when it was low on coolant due to an air bubble.