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Q:

IRS leak on one side on 1990 Ford Thunderbird SC

Rookie cbe0621eac06868b3efe0d8d1d3611e23c60d3114864ea2ec19a68cfbd3eebab
Leaks on one side only between wheel and center
there is also a small thump when starting out.
(1) Answer
Obviously the leak needs to be stopped first and foremost. Sounds like an axle seal. The thump could be anything from a mount that's worn to a universal joint issue to a ring and pinion issue. A good inspection will figure it out.