Just bought this Feather Duster $1500 Score

Better go thru the tranny. Most of those o/d trans wallowed the holes in the case where the countershaft goes through. Need to bush the case to fix it right. Looks like someone didn't change the oil - that looks like more than condensation, more like sludge from not changing the oil. If it's got that much blow by the dip stick tube the rings could be gone...do a compression test, dry, and then wet with oil thru the plug hole.