Oil leak - Worse than it looks?

[previa of the north]

Hi.
This looks like a great site and forum and I look forward to learning a lot and hopefully contributing from time to time.

I am the new owner of a 1992 Previa LE with 101,000 miles on it. The price was right ($200).
However, the van runs rough but no check engine light. I pulled the engine cover, and saw signs of an oil leak. When I pulled the spark plug cover, I was quite surprised with the amount of oil residue I saw. Plugs two and three also have oil and carbon residue.
I suspect the PCV valve stopped working and caused the oil to get past the valve cover and the spark plug seals which are probably original, just like the 1991 dated ignition wires.
So, is this worse than it looks?
I plan on doing a compression test really soon.
Thanks.
Previa spark plug cover lowres.jpgIgnition wires pulled.jpgPrevia ignition wires lowres.jpg