2001 - Oil cooler problem - SOLVED!

Hey guys, so I'm not loosing oil between changes, but how can I tell if the oil cooler gasket needs replaced here? The filter seems to have a small drip always hanging from the edge. How common is it to have a oil cooler leak issue?

Good thinking about the magnets on the sides of the filter, but are you sure that they are going to pickup shavings and retain them in there? I'm not sure how much PSI is going through the filter, but I always thought that it was insanely high since the pump would be very close. I thought that's why the manufacturers usually put them in the oil pan, right?

Update:

Didn't get around to it until just today. Take a look at the old gasket versus new. (Old on left of course) I'm tightening it to 40 ft-lbs because I can't get 39.8 on my 1/2" Craftsman torque wrench.