My 2009 M6040 4WD does not have a front axle vent. Its got an upper plug to fill and a lower plug to verify fill level. Both on one side. There is a drain plug at the bottom of the axle gear case on each side. The front axle gear case and front differential case are continuous. Pull both drain plugs and wait, wait, wait. Draining can be a slooooow process.
Bought the tractor new and had no leakage problems on the front axle. The pressure build up is REALLY SLIGHT and, obviously, not enough to blow oil out thru any seal.
I went back out to the barn this morning and took the side panels off the L5740 to get a better look. I spent a good bit of time looking things over and I couldn't find any vent lines connected to the axle. It's strange that Kubota feels the need to vent some models but not others. I dont spend much time doing deep water crossings so I would imagine the benefit of having the axle vented would outweigh the possibility of water intrusion. I still plan on tapping the fill plug, adding a 90 degree barb and running a vent line along the top of the axle to a termination point up under the hood. The top of the axle is pretty well protected. Any gear oil that happened to leak into the line on a slope would be able to drain back into the axle.