Im not trying to be a smart A so bear with me. There should be no transmission fluid (as labled on bottle) in that tractor. I know you said "think" but if your correct and know what hot or burning tranny fluid smells like you might want to chech what your fluids are. The transmission/hydraulics are (by the book) supposed to br unversal tractor transmission/hydraulic fluid of JD 303 spec.
Now thinking about it tractor ernie and others use Transmission fluid in their tractors with no problem, but i think they mostly use it in the powershift ones for cold operation. Not saying in a gear one you could not use it with out trouble though.
But your only fluid in that tractor is what ever is in the transmission resivoir, engine oil 15w-40, and radiator fluid, and deisel fuel, so it has to be one of those getting hot and leaking or burning on the exhaust or in combustion chamber.