I've seen worse. the creamy color is from moisture, and if you don't work these old girls hard to heat the tranny up, the moisture stays suspended in the gear lube.
I just finished up working on the PTO on my H, replacing the carrier bearing and seals. The reason I rebuilt it was because previously, I had replace the tranny oil, and it was leaking at the pto (oil level must have been low enough to not leak out the PTO before the oil change).
The reason for the background here is that my 2 week old gear lube had a slight creamy color to it. so, even fresh, clean gear lube will have a bit of moisture in it. BTW, I also flushed the tranny case out with 5 gallons of kerosene, so it was pretty clean before the fresh gear lube went it.
good to change the gear lube and clean out the tranny case if it has never been done, but I wouldn't get too worked up about the color in your picture. when it comes out in clots is when it was waaaaay past due. (or worse yet, when nothing comes out but water!).
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