I think the PO may have overfilled the tranny on my '86 150, 302. The level is high on the stick, and I am wondering if the tranny has a "weep" valve to let out excess fluid. I notice a few drops coming down below the fly wheel inspection area. I had thought I had a seal leak but I am now wondering if it is just this overfill problem.

 

No way to drain it, unless you want to do this little trick.

Take a glass canning jar or glass jar from the grocery store that has a metal lid.

Find some old vacuum line or any kind of line that will slip down the tranny dipstick tube.

Poke two holes in the metal lid of the jar so the line you chose fits snug.

Cut a piece of the line that will fit all the way down in the tranny through the dipstick tube, and will be long enough to reach the jar sitting on top of the engine. Run this hose through one of the holes and let it go all the way to the bottom of the jar.

Cut another piece of line, and hook one end to a vacuum connection on the engine, and put the other end in the hole that's left in the jar lid. Put this vacuum line in the jar just far enough so it won't come out-not all the way to the bottom of jar like the other one.

Start the engine, and the vacuum from the engine will suck the fluid out of the tranny till the jar fills up. Then check the tranny level and empty the jar and take some more out till you get the level right.