Classic/Antique Car Repair: pulling engine 1953 kaiser, propeller shaft, driveshaft

Question
HI
DICK!

I have an 1953 Kaiser manhattan automatic.
It seems a little slugage  I have put in new points and plugs and it leaks oil out the back of the engine I guse it is the main seal leaking.

also I took comrpession test and is as follows

#1 100lb  #2 95lb  #3 100lb  #4 110lb  #5 95lb  #6 95lb

I thought I would pull the engine and put rings, inserts and main seals  
what do you think?
and if I pull the engine and transmition will the fluid run out when I disconect the propeller shaft and tilt the engine and pull it out?

I guse Ill grind the valves too

Thanks
Bill

Answer
I forgot to answer your question about pulling the engine - yes, the transmission fluid will run out the back if you pull the rear shaft.  You can drop the driveshaft at the front U-joint and leave the rear shaft in place, or you can drain the transmission, but you have to do one or the other or else you'll get a bath in tranny fluid.  

Sorry about that!

Dick.