I've got a th350 in my '40, and after sitting all winter I had a giant puddle of tranny fluid all over the garage floor. It had a leak when I got it, but it wasn't too bad. I replaced the dipstick tube and o-ring, as well [censored] the pan gasket. But the leak persists and is getting worse. It's hard to tell exactly where it's coming from, because it seems like there is fluid everywhere on the bottom of the tranny, so it's been had to track it down. I took it out yesterday, and just backing out of the garage to the driveway left a steady line of fluid on the ground.
It looks like it might actually be coming out of the small hole at the bottom of the flywheel cover, but it's hard to tell because it seems to be getting everywhere, but I definitely saw a drop come out of that hole. I haven't removed the flywheel cover yet to see what it looks like, but anyone have any idea what I might be dealing with, if that is in fact where it is dripping out of?