3" X 5" port with a louver? That sounds like a air vent in the side of the clutch bell housing... Do you have a picture you can post so we all know exactly what you are talking about?
Edit:
Is this a pic of the vent you are talking about(lower pic)?
http://www.eastwindtractors.com.au/imagestractors/df354elarge.jpg
Not being specifically familliar with your machine, that does look to me like it is far enough forward to be an air vent for the clutch bell housing. Can you take the louver off and look inside? Most tractor clutches(most vehicles in general) use dry clutches, so oil comming from this louver may mean that you have a leaking engine rear main seal and engine oil is being slung outward on the flywheel to arrive at this vent. Slinging would increase with engine RPM. Or it could be a leaking transmission input shaft seal and oil is finding it's way along the shaft and being slung by the pressure plate assembly toward the air vent.
Can you tell what type oil it is? black carbond-up diesel motor oil, or relatively clear/clean hydraulic/gearbox oil?
Is there a drain hole on the bottom of this case? They are usually found directly below the clutch at the lowest point on the bell housing(furthest forward) where it meets the rear of the engine block. Sometimes they are a cast in hole, sometimes just a notch in the front edge of the casing, sometimes they have a rubber plug. They are there to allow oil and or water to drain out of the bellhousing so the clutch stays dry. Take a look inder there, sometimes they are painted over on these china tractors or have been clogged by rust or slung off grease from the inside. Poke around down there and see if you can find it and make sure it is clear by pushing a small wire up into it. If you find one, I bet you will find that there is oil comming out of it.
At any rate, if that louver is the bellhousing air vent, then oil will eventually find it's way into the clutch plates and the clutch will start slipping. If this is as I suspect, the only way to fix it is to split the tractor in two and replace the seals, and probably the clutch disk's while you have it apart.
How many hours you got on it, how old? Any chance of a warranty?