Jet,
What you are seeing can be oil or it can be melted grease from the spindle. Take a mirror and look up at the bottom of the spindle and see the big washer with the holes in it. This is just a shield of sorts. If you see the drip coming from there then it is most likely melted grease. You can easily take this ring out and set it on a piece of leather, I used the tongue from an old boot, cut out a ring from leather a bit bigger and then cut the hole a bit smaller and put this up in spindle and then re-install the metal washer. This will contain the grease and assist from coolant spray and chips from getting in.
If the drip is coming from the outside of the spindle then it is oil coming from somewhere near top of box, usually from the vent and induced from foaming which can be seen in site glass, instead of oil you see the white foam. Changing the oil in box will take care of the foaming if you select the right oil, dexron ATF appears to work out fine. With no other leak points other than the vented fill cap then it would be feasible to make an extension for the vent to give room for the air to escape oil and the oil to return to the gear box. Don't go small tube, use large as possible, it doesn't have to be too long, The one I used was about 10" long and I used fittings to step it larger at the top of the tube.
Don
IH v-3 early model owner