If that is a galvanized pipe going into cast iron, it may well be an oakum/lead joint. I was able to take a punch and tap the lead further down into the oakum, sealing up a small leak. I did it 32 years ago when I moved into this house and it never leaked again. I just worked my way around the joint several times. Just another trick I learned from dear old depression-era dad.
Sounds like the most reasonable solution to me. Not sure why this is practically being ignored.

