I have read your post and don't know if this will help: Just after purchasing my 1995 E320 Wagon w/40k on it, I look out the rear mirrors while going up a long hill at 70-75mph. White smoke just pouring out the back, really embarassing. Pulled it over at a Ford dealer, of all places, and you can see that tranny fluid has leaked all over the exhaust, and the cat. Got it home, wiped it all down, and drove it again. After driving a while, the smoke show happened again. Took it home and wiped it all down again, only this time I tightened all the bolts on the tranny pan, including the drain plug. Ever since, it has never smoked again (knock on wood) for about 2500 miles, and the transmission doesn't appear wet. However, on steep hills, it was slipping quite badly. Couldn't see any fluid on the stick, then some at the bottom, etc, cold / hot scenario, very hard to tell. So I add a 1/4 qt of Dextron 3 and then drive it, now it's overfilled, according to the stick. But it doesn't slip. I drain some out, and it appear good on the stick, if any, down a little, but now doesn't slip at all. However, it does shift a little clunky, never in the lower gears, but sometimes in the upper ones. Definitely check the tightness of your pan bolts, it appears to have solved the problem for me. All of my leakage coincidentally also appeared on the passenger side too...