Yeah, if it is what I think it is the problem is common to all those older FWD assist tractors. I've done several at a shop years ago.
It is not a bad mechanical problem. Nothing serious is broken. This is maintenance; not panic. And you can do it on your own schedule. Not time sensitive...except it has to be done eventually.
It is either of two seals that are leaking into that tube covering the front drive shaft. One is the seal where the drive shaft enters the front differential, and the other - the more common to leak - is at the other end of the drive shaft where it comes out of the transmission to go forward. Either or both are seeping into the driveshaft cover and then out onto the ground. Even if the leak is back at the transmission, it usually comes out of the cover up by the diff.
Those seals will always leak if the axle or transmission are over filled-could that be it?
Although they all leak eventually. You have to keep on eye on both fluids until you figure which one is leaking. Basically I'd make sure they are not overfilled, put a pan under it this year, check and fill as necessary (make up by adding 80w90 multiwt gear oil in the front axle only). Thenplan on a couple of easy evenings in the garage unbolting that driveshaft cover & replacing one or both seals sometime next winter or off season. In the shop we usually charged two or three hours for the job by someone who had done it before....but it always ended up taking all afternoon.
I've done Yanmars & not a problem. Never have done a Ford....but I'm betting it is similar. Get a parts diagram so you can see how it fits. Maybe someone here can help with specifics on the Ford.
Now having said that, there is a possibility that the splines or constant velocity or whatever Ford uses on that front driveshaft have some wear. Just check it when you have it apart and until you do take it apart and confirm that the drive shaft is fine & all it needs is a seal job I'd not be shy to use 4wd when you need it, but not when you don't. That applies to all these 4wd assist tractors. They are 4wd ASSIST, they are not meant to be full time in 4wd.
And saying again that you do need to keep an eye on your fluid in the front axle & especially the transmission. Do those things and use it until you have time to replace the seals.
luck,
rScotty