PSA, don't waste time like I did.
If you have a substantial leak on your Miata, towards the back of the engine. Check the O ring on your cam sensor. Mine was leaking more oil than I thought possible for that location so I pulled the transmission to get a better look. Nope, just the cam sensor O ring. Flat and completely hard. Took ~$2 and 5 minutes to swap.
Also, if you search Cam Sensor O Ring on Autozone for a 94 Miata, it comes up with the correct part, but says it's for a thermostat gasket. FEL-PRO #35608 fits perfectly.