'48 awakened from long slumber

[Cheyenne75]

Hi everyone, I haven't had much time in a long time to work on my '48 chevy due to my job. As of this past Sunday, the engine is running! Hasn't ran in 35+ years. I spent all Saturday and Sunday working on getting engine ready for firing engine. 60 psi oil pressure at idle, engine doesn't smoke, purrs like a cat lol.

Here's my question, I noticed there was a puddle of water underneath. There was a tan color under the flywheel. It appears to been coming from the input shaft of the 4 speed, inside the bell housing. Has anyone heard of this, or had a similar incident?

The engine is a I believe a 283, not sure. Has a weird pvc valve where road draft tube is on back of engine. Has stock inclosed driveline 4 speed trans backed behind it. Gotta rebuild 2 barrel, and order brake parts for this weekends visit.
Many thanks, Dave