I just picked up a MF 65 at auction. After running for a while it would make sharp knocking sounds from the transmission area at high rpms. It had some water in the tranny/hydraulic oil (milky) which I have drained. There is a small amount of metal shavings on the plug magnet, but no chunks of metal. I am wondering if I should refill the tranny and see if the water free oil tightens things up, or open something up to look for bad bearings. Where should I be looking? The noise is present regardless of clutch position or hydraulic load - vibration is worse at high rpm - minimal when first started.