I know it isn't the power steering hose, as I don't have the luxury of power steering, bone stock 266 v8. The more I look I am thinking valley pan, like soutboy74 said. Not entirely excited to pull the im off though, heard they are heavy.
This also seems to make sense with why it only leaks under load, but not when idling. Hopefully I'll get in some wrench time this week and report back.