Dark red. It's old fluid, with some condensation from a couple years of sitting both in my barn and for a while under a tarp outside. It does not however smell burnt. I've smelled burnt ATF before and this just smells and looks like old ATF.

Behind a naturally aspirated L6, the stock shell should be fine. I do plan on turbo'ing this engine, but how much boost I'll run through it is probably fairly low with stock pistons and a ton of blow-by. When I pull the engine to put a better one in, I'll disassemble the transmission for better internals. Who knows, maybe when the rebuilder rebuilt it, they put a better sun shell in, they don't cost that much and with the warranty their website boasts, it may be a SOP on overhauling these.

It's a $200 transmission I plan on sinking another $100 (shift kit and servo) into and installing it. If the $300 transmission grenades, well that's what it does, but from what I see, I don't think that's going to happen.