Thanks fellas, I appreciate all of the feedback. I've included some pics of the seal I removed. I found it interesting that the lip of the seal was faced into the gear box; however, maybe the old seal had a lip on each side and the outer one wore/rotted away? The old seal certainly looks different than the new on. The new seal was purchased from NAPA, SKF 11055 or the new part number 27SS2251. Looking at the
1947 Truck Shop Manual, I also wondered if the gear box could vent up through the steering column, which you have confirmed.
I'll get a new NPT plug and give it a try. If I run into problems down the road it can always be modified with a vent hole.
Thanks again,