Finally got around to removing the skid plate /protector to get a good luck at the bottom of the engine.
It appears there is oil almost everywhere. I also noticed that the filler cap and bypass hose were leaking on the valve cover. I'm replacing the filler cap today and will probably add a clamp to the bypass hose.
So, I put some cardboard under the engine last night and found 2 perfect quarter-sized spots, one on each side of the torque converter...
any ideas?

Unless those spots are red, as in trans fluid, they could come from the valve cover, or even the oil filler cap you mentioned. Oil can leak out of there and it flows back to the rear of the engine and then it just drips down.
Might be best to clean the engine and then check to see where to oil is starting at. There are several other places it can start at. You will never be abel to source them until you wash the old stuff off.

What car?

I would speculate that it could be a rear main seal but it might just be running down back there like Old Deis said. Clean it all up and keep a close watch on it and you'll probably find more than one leak.

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1985 300D Turbo ~225k
2000 F350 (Powerstroke) 4X4, SWB, CC, SRW, 6spd ~148k
1999 International 4900, DT466e (250hp/660 ft/lbs), Allison MD3060 ~73k

Yeah, you can clean up the engine or use a trace dye and UV lamp.

OR degrease the motor,
Get an aerosol powder, such as that used to treat athlete's foot, and spray the underside of the general area of the leak.

The powder will adhere to and coat the metal, producing a white haze. Then, drive the vehicle until the oil leaks--be careful to avoid wet, muddy roads in the process. The hope here is that the leak will take a single large, reasonably direct downward path (even if there are some streaks from airflow).

Don't sound like a rear main yet. That is a bad one to repair on these beasts. If the rear main goes it usually will run oil out directly below the torque convertor, and in very large quantities.

The amount of leakage from the valve cover was significant, I think, so I replaced the oil filler cap and added a hose clamp to the updated bypass hose (purchased from bigbabbo off of ebay) to see what happens.
Yeah, I need to degrease the whole *%)@ thing and really get a good look at it.
Oil pressure seems fine, around 2.5 to 2.75 bars at idle and 3 when going. I think it has terrific pickup and performs well. Some white smoke when she starts in the AM, black under hard acceleration, but that's it.
I'll keep tinkering. I ordered an oil pan gasket and some turbo seals but I don't know how to get at the turbo seals...from above or below?
-shawn