Hold on there dont freak out just yet.
My 70 was doing this after I had change the fluid and gasket. What was happening was the transmission pan had a small leak at one of the bolts next to the bellhousing cover and the fluid was spreading or migrating into the bellhousing and dripping out of the weep hole.
I took the car to this so called mechanic and he tried to tell me that the trans pump was shot and he was going to have to pull the transmission. I told him he was out of his f$&king mind and that anybody with little or no brain could see what it was doing. Needless to say in my case I had used a crappy gasket and that was the cause of the leak, and i didnt have it torqued to the correct spec's either.
As far as the mechanic is concerned he lost mine and my family's business.
Hope this helps. It may not be as bad as it look's. Just be carefull who you have look at it.