Another question, where exactly is the leak coming from? The mating flange between the pump body and drive housing, from the front pulley area, from the hose connections, from the pump body itself? The pump kit (plastic) is pretty cheap and has all the parts / gaskets / "O" rings needed to fix leaks / rebuild the pump, unless it's leaking thru the drive assy seal, itself. As stated, if it's the 1 piece plastic body, the body may be cracked.
Kit can be found on this site:
http://www.iboats.com/Water-Pump-Ki...6509860--session_id.778951141--view_id.172770
And yes, if it's leaking, it's gotta be fixed, for many obvious reasons, other than it may / will get worse.
If you have the plastic body pump, one manufacturer has a bronze body conversion available, as a viable option for around a buck and a half.