I just want to get some info/ tips before I get to doing this. I have the entire front of the car removed so all I have is the engine in front of me. Do I need to remove all the pullies to completely remove the lower timing cover to replace both gaskets?

Also, do I need to drain all the oil out first before removing the cover?

Lastly, do I need to use any kind of RTV or silicone sealant anywhere like when doing the valve cover gasket?

DON'T touch that hood latch. Get a Bentley first, these are wonderful cars to work on but they play mind games far better than my last girlfriend. I am a licensed tech...and I always consult the Bentley.

I have a Bentley, but it wasn't very helpful when it came to this.....

I've degreased as much of the block as possible, and I don't think my leak issue was because of this gasket...I found one of the bolts very loose....so we'll see what happens. Looks like my main culprit is the oil pan gasket....

black535 is absolutely right. You may be biting more than you can chew here. To remove the lower timing chain cover, you have to remove the crankshaft pulley, fan pulley, speed sensor and thermostat.
The oil pan has to be removed too (preferably). Since the lower cover is bolted on from above thru the cylinder head, you also have to remove the VANOS adjustment unit which is a very intricate piece of machinery that requires not only technical knowhow but special tools. If you can somehow unbolt the lower cover from the cylinder head without removing the vanos adjuster, then it is easier.
Attach the L & R gaskets/seals to the lower cover with a little grease.
Apply sealant to corners of cylinder head gasket and engine block.
Apply sealant to top area of lower cover.
Remember to replace the main seal where the crankshaft goes thru.
Two guides/dowels at left and right sides of lower cover are best pushed inward to engine block area when removing the cover.
And lastly, no, you do not need sealant to attach the valve cover gasket. Unlike in newer E46 models.
Hope this helps.

Sorry that my previous message got in later than your update on the oil pan.

I'm pretty sure I don't have to remove the vanos to get at the cover...at least, just by looking at it. Thanks for the info though, it definitely does appear that my leak was the oil pan gasket. We'll see when I tackle that down the road.