Finding the actual leak might help you a little bit but if you are content with replacing both then go for it. Keep in mind, that with the pan off you might consider throwing a new oil pump on it too, at least check the pickup screen and clean if necessary. Also on the timing cover, make sure its not the front seal leaking first (behind the harmonic balancer), and if you pull the timing cover off I would consider replace the timing chain set.
Either job is not overly difficult but its pretty tedious work, I would consider a weekend or more to do this so you can take your time or deal with minor problems. You might need to loosen the motor mounts and drop the exhaust for pan clearance too. The timing cover is just a matter of taking stuff off thats in the way. You probably need to buy or get a loaner tool/rental for a harmonic balancer puller and also an installer.