transmission fluid level and restore

I have a 1978 280 SE. The transmission fluid when checked shows about 1/2 inch above the recommend level when hot. Is it necessary to drain transmission to appropriate level? Would this condition casuse the transmission to leak fluid. We have an E320 2000 but have been thinking about restoring the 1978. It is in really good shape in terms of the interior and paint etc. We put over 250,000 miles on the 78'. It is a great car but needs some care, Any opinons?