That is correct for either scenario. If there is a crack it will be a very small one and when the car is running there is high pressure inside the torque converter and will force the fluid through the crack. If the bushing is bad it is going to leak for the same reason and also because of the excess clearance between the converter bushing and the support shaft it will have a lot of fluid leaking there that cant drain back into the trans fast enough and will blow through the front seal.