Someone more knowledgeable will pipe in but I'd think the longer you run it the more damage you'll do. It might be terminal at this point (cost more to fix than it's worth) or it might not but the longer you run it the more wear it's going to get in places you might not want worn.
My thought process is if it's slipping
1. either fluid isn't getting pumped in the volume or pressure it's supposed to and running it with that slip in the pump is going to accelerate the wear, what might need wear plates or some machine work if run long enough will trash the pump.
2. The other possibility is the fluid pressure and volume is okay but the by-pass is in the transmission, again fluid under pressure being forced somewhere it shouldn't be will cause more wear.
Before I'd make a decision I'd recommend getting a manual and doing basic test to figure out what's really wrong, it would be bad to trash a tractor worth thousands because you didn't want to make a repair that cost hundreds.
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Today's Featured Article - Hydraulic Basics - Part 2 - by Curtis Von Fange. In the last entry to this series we gave a brief overview of hydraulic system theory, its basic components and how it works. Now lets take a look at some general maintenance tips that will keep our system operating to its fullest potential. The two biggest enemies to a hydraulic system are dirt and water. Dirt can score the insides of cylinders, spool valves and pumps. Wate
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