Here's some info from Dick Spadoro, via the Fordbarn. Pretty useul:
Re: 1939 Ford transmission
In fact, I just got done putting the 600 wt oil into my u-joint assembly. I had the tranny cover off, so I could see how it created an "oil bath" for the speedo cable and driveshaft roller bearing as well. And so far, no leaks (the stuff is like molasses and the cork/felt seal at the back of the u-joint cover may be enough to hold it in).