Yes Ruger4570, you are correct, you can twist it a little and it will usually stop dripping, until you lift the handle again to pour into the mold.
After the thing gets used, even the little "twist" won't help anymore. As a matter of fact, the Lee I have is leaking from somewhere other than the spout. The lead is dripping out of the hole where the spout is...from where..I don't know.
Anyway, I can't recommend the Lee pots anymore, mine is 15 years old or so, but to be honest, it really hasn't been used all that much.
I do like the Lee molds though, they are inexpensive, but that comes with a small price. The Aluminum molds heat up very quickly, and it's hard to regulate their temperature. But, for the money, I have no complaints on the Lee molds....you get what you pay for, and they suit me fine.