The piece that goes out towards the outside of the car (with the rubber boot on it), that is your tie rod...It connects to a metal column that goes across the middle of your car called the steering rack.
The only thing that could be leaking out of that is power steering fluid.
This wouldn't affect your cars performance, I think the hesitation issue is probably a totally separate problem. You might have a timing issue. I would invest in a timing light and check your ignition timing to make sure it is adjusted properly. The light is only $40 at AutoZone, and with this car you will be using it more than once most likely
Another thing to check is make sure you have the correct spark plugs. A lot of running issues are partially or fully remedied with the right plugs, because most people think you can throw any kind of spark plug in this engine. Well, you really can't...NGK designed a special plug for this car and if there is any other kind inside it, it tends to run like crap. Make sure you have NGK PRF6B-11 spark plugs
Check out these links:How to adjust ignition timing (and a few other very helpful articles):
http://www.twinturbo.net/net/v...22678
Hesitation Troublshooting:
http://www.twinturbo.net/ttnet....html
Great resource for pretty much everything else:
http://www.ttxtz.com/tech.html