So I changed the fluid with the aforementioned Redline/M-1 mix, used a gasket without RTV and slapped the old cover on after cleaning it inside and out (it wasn't that bad after all when cleaned). Then I painted the cover with some high-heat textured Rustoleum. The old fluid wasn't as bad as I thought it would be; someone must have changed it at some point. It was still definitely at the point of needing changing, it just wasn't "oh my god this is so deteriorated its sad" bad. I didn't know old gear oil stank so much.
No leaks in the last few days I've checked so everything worked out. A new tank of gas will tell whether I gained any fuel economy as a result.
Thanks a lot all!