I've seen worse. the creamy color is from moisture, and if you don't work these old girls hard to heat the tranny up, the moisture stays suspended in the gear lube.
I just finished up working on the PTO on my H, replacing the carrier bearing and seals. The reason I rebuilt it was because previously, I had replace the tranny oil, and it was leaking at the pto (oil level must have been low enough to not leak out the PTO before the oil change).
The reason for the background here is that my 2 week old gear lube had a slight creamy color to it. so, even fresh, clean gear lube will have a bit of moisture in it. BTW, I also flushed the tranny case out with 5 gallons of kerosene, so it was pretty clean before the fresh gear lube went it.
good to change the gear lube and clean out the tranny case if it has never been done, but I wouldn't get too worked up about the color in your picture. when it comes out in clots is when it was waaaaay past due. (or worse yet, when nothing comes out but water!).
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Today's Featured Article - George's Fordson Major - by Anthony West (UK). This is a bit of a technical info to add on to the article about George's Major in the "A Towny Goes Plowing" article. George bought his Major from a an implement sale about 18 years ago for £200.00. There is no known history regarding its origins or what service it had done, but the following work was undertaken by Harold alone to bring it up to show standard. From the engine number, it was found that the major was produced late 19
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