If you check the
Ultramatic section of the 51-54 installment of this site's
Service Index feature, you'll find several topics WRT oil loss and/or leaks.
In fact, there's a summary regarding oil loss through the breather covering several years/editions of the Ultramtic that was published by Studebaker (after Packard's Detroit offices had ben closed). In some cases, Studebaker's directions are vague, and you may need to refer to the factory service manual for additional assitance.
One would think that such updates were accomplished for all affected vehicles years ago, but Murphy's law is always waiting in reserve.
However, that this is happening now - months after installation, with no immediate indications - suggests that it's not an issue involving the original build (or subsequent rebuild).
Howard brings up a good point about a possible leak in the cooler. I've not personally experienced this with a Packard with Ultramatic, but in later model vehicles. If coolant is introduced into the hydraulic circuits of an automatic transmission it will, at the very least, ruin the friction linings - requiring a full teardown and rebuild.
This is one of those things that's gonna require some further inspection on your part. No sense starting the engine until you can safely and comfortably crawl under the car.
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