It sounds to me like the pilot bearing on the mainshaft is worn enough and/or corrosion damaged and the cause of excessive noise. Popping out of 4th is what leads me in that direction.
You can remove the belt pulley or cover plate in 15 minutes and find out what you've got in there. Once off you can put your hand in and see if there's noticeable play between the mainshaft and the input shaft. Also you can determine what level of corrosion damage from the moisture. Sometimes the get a little surface rust on the gears and sometimes a lot and sometimes not at all.
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Today's Featured Article - Identifying Tractor Noises - by Curtis Von Fange. Listening To Your Tractor : Part 3 - In this series we are continuing to learn the fine art of listening to our tractor in hopes of keeping it running longer. One particularly important facet is to hear and identify the particular noises that our
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