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Loaded question - 1979 Bronco. I picked it up a couple weeks ago & while inspecting everything I noticed the front pinion seal was leaking. More disturbing was what was leaking out....
The front cover had the top 1/3 pretty rusty (scale) & the bottom 2/3 was clean. I suspect this was caused by condensation after the truck sat for years & years. It could be from getting submerged - but there doesn't seem to be any other evidence of that on the rest of the underside of the truck.
Popped in a new pinion seal - have cleaned up the gear case & cover. Will reinstall tonight I hope - with fresh oil.
Normal? I don't think so. I, however, removed the yoke on my 9" rear end third member to replace it and what came out was pretty brown similar to that and smelled horrid. I've had both diffs gone through since then and have no issues.
Make sure the differential vent is connected and the end is as high as it can be under the body, The vent being bad will let water get in especially if you go through deep water.