RE: GL-5 Synthetic Oil
You know Mike , I've never had a problem with that yet , I am told that they fiddled the chemical composition to aleviate the etching od the bronze parts , what can I tell you ? I'm still working my old '49 as a daily driver work truck .
I don't cotton to flushing with Kerosene , certainly _NOT_ driving anywhere with it in the box , just change it in a couple months and then go to your annual / 12,00 miles whichever comes first changes and it should be good to go .
1/2" NPT magnetic drain plug in the tranny of course .
Your rear crank seal is a rope typ and may have dried out else it's plain worn out . no fun to change in situ so think hard before deciding if it runs O.K. and just drips as is normal for a 1930's design or you want to go in and fiddle with it .
-Nate