While my car was up on the rack today, I observed what appeared to be transmission fluid coming out of the shifter attachments on the side.

Is this a cheap fix or a full rebuild?

A cheap fix is to get the seals first. Then, remove the linkage levers, pry out the old from the outside, then apply sealer to the outside of the new seal, and then install seal squarely. Bolt on shift lever.

Worst case, remove trans oil, unbolt shift linkage, unbolt side cover, replace seals, reinstall. Check to make sure back-up lights work correctly. refill trans.

The backup lights just stopped working too...

Sometimes on the mucies due to casting porosity, the "blind holes" that mount the shifter will actually leak. A little thread sealer on an allen head plug will do the trick.

Randy