I just finished putting my B together after replacing the rear main seal. Not too hard to do once you split the tractor which on these isn't too hard to do with an engine hoist.
You can see I made a stand for the rear half from angle iron and a piece of square tubing. Just drilled three holes to bolt it on.
Here's a picture of the rear main seal after putting a new one in.
There shouldn't be any oil in the bell housing. About the only place it can come from is the rear main seal. The touch control reservoir is more over the torque tube. I would pull the inspection cover on the bottom of the bell housing. If there's a lot of oil in there that's probably your problem. If it's dry I would consider replacing the clutch & pressure plate. Just my thoughts.
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