The picture didn't blow up well for me, but if that 1" plug above the sprocket is on the side of the tranny, at the very bottom rear of the right side, that is indeed the drain plug. There's really nothing else around there that holds fluid so that pretty much has to be it.
You're on the right track. Find that level plug and try refilling it with kerosene or diesel until it's at the right level, like we described. Run it around a little bit, enough to warm the tranny up some, which will help the kerosene cut any soft, congealed waxy type sludge. It will be somewhat imprecise, but measure as best you can how much kerosene you put in to bring it to full, and again how much you get out when you drain the kerosene. If it takes close to five quarts going in or if you get close to five quarts back out, you'd be fine to just refill with gear oil. If you're only getting 2-1/2 or 3 quarts back out you should think about lifting the shifter and going in for a little old fashioned scraping and scooping to get some of the hardened sludge out of there. If you do have to go that route (it's not a bad or scary job lifting the shifter) just a manual dousing with some more kerosene to flush the loose bits out the drain hole would be in order. A turkey baster is great for getting kerosene into tight spaces.
As far as the weep holes, the one you point out is one of those we were describing. There should be another one just like it out at the far right end of the shaft housing, and the one on the left will be hard up against the transmission box.
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Today's Featured Article - Talk of the Town: The Saga of Grandpa's Tractor - by The following saga is from the Tractor Talk Discussion Forum. Someone. The saga starts with the following message: Hey guys I have a decision to make. I know what you all will probably suggest and it will probably agree with me way down inside, but here it is. I have a picture blown up and framed in my "tractor room" of a Farmall M. It was my Grandpa's tractor, of which whom I never got to meet. He froze to death getting this tractor out of the barn to pull a truck out of the ditch before I was born. Anyway my dad and aunt had to sell it at the auction,
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