Every transmission I've ever seen has a drain plug at the very bottom. But if there has been water in it, the best approach is to disassemble the whole thing to be sure you get everything cleaned up and be sure there's no rust on bearings, etc.
Kevin 1951 Chevy 3100 work truck Follow this saga in Project Journal Photos 1929 Ford pickup restored from the ground up. | 1929 Ford Special Coupe (First car) Busting rust since the mid-60's If you're smart enough to take it apart, you darn well better be smart enough to put it back together.