Tom, looking at your picture more closely, you're leaking from the front of the tranny (either the gasket over the countershaft or more likely the seal on the input shaft) and from the differential shaft seal on the left side. That one looks problematic because it appears to be dripping from the notch for the brake rod, which sorta suggests that your brake band on that side might be saturated. IIRC, there should be a weep hole at the very bottom where the final drive bolts up to the tranny that should have allowed it to drain from there rather than building up that high. It wouldn't be unusual for that hole to plug up, but try to clear it out. I can't see where the leak on the right is coming from, but it would be worth checking out, too (though it shouldn't involve your brakes).
You have one of two problems, I'd guess. Either that tractor set around a long time and the seals dried out and are all leaking since the tractor was put back into running order. That's a possibility, especially if it still has the old leather seals. If that's the case, then they'll need replacing. It does require a split in front of the transmission, and removing the final drive on the left, and the final and shaft housing on the right. One step at a time, it's not a gargantuan job, actually rewarding in it's own way.
But start with the simple stuff and check out that over-fill possibility first. As black as that oil is for being so new, guaranteed there was some sludge in there. Get yourself on a level spot, but drive the front wheels of the tractor up onto a couple of 2xsomethings. Drain it from the plug on the side of the tranny, at the bottom of the right rear side. If you don't mind buying all new oil, drain it completely, then keep track of how much it takes to refill, which will give you an approximate idea of the volume of any sludge inside (five quarts minus however much you have left). If you're just out to stop the leaks (I wouldn't blame you!) drain just until you are getting oil (no water) and maybe a quart or two more. However much you decide to drain, once your drain plug is back in roll the tractor back of the blocks on the front so that it is level again. Remove the level check plug (left front side of the tranny, sort of tucked in behind the brake rod) and refill just until you start to get oil from that hole, then button her up. Do whatever you can to clean up the oil that is already there (getting that cavity drained between the final and tranny on the left is really important) and start watching. If the leaking slows down and eventually stops, then your seals are working. If not, then you're in for some work, but nothing too ugly.
Let us know what you find and how you make out. Happy motoring!
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