Timing Belt / Distributor 1994 SC300

I have 118,000 on my 1994 SC300.

I have yet to change my timing belt.  Should I
look into replacing it?  What's the general cost
to do the work (California)?

Also, I noticed some oil around the distributor
and a friend said that it might be an O-ring.
Can it be fixed or will I have to replace
the complete distributor?

TIA