Hi Lyle ... Pouring oil down the wringer post would not be a good idea. It won't really solve anything for you.
There's a possibility of a couple of things that might be happening.
1. The problem lies in the actual gasket that connects the right angle drive (drive from the transmission) to the wringer post drive. Over time, these could dry out. You can replace them; it's necessary to tear the machine down. You start by removing the tub.
2. And/or you have water in your transmission. This is a fairly common problem. In the center post, under the agitator, is a "snap ring" and once that is removed and the washer underneath the snap ring is removed, you can gain access to the center seal. Again ... it was fairly common to have these dry/wear out. Once that happens, water dribbles into the transmission from the wash tub and travels through the right angle drive into the wringer post. This also requires a tear down of the machine AND an all lubrication and gasket change. (Not really as bad as it sounds!)
The lubrication in the wringer post is different from the lubrication in the transmission. The transmission fluid is just like what is used in the older Automatic washers (maybe some newer ones, too ... don't know). The bottle still has both the automatic and wringer washer measurements listed on it and the lubrication is still available, as a special order.
The lubrication in the wringer post is a heavier lubrication (more like a very soft grease) and 1/4 lb. is used in packing the drive (still available as a special order). Once the water from the leaking center seal reaches the wringer post, it turns the lubrication into a more "liquid", causing it to run out of the gaskets.
There is a breather hole on top of the right angle drive and if you were to lay the washing machine on it's front (where the Maytag decal is ... remove the wringer head first, though), you might find some water running out of that breather hole; that will be a sure sign to you that the center seal is dried out/busted and needs replacing.
Does your washing machine have the "gulmite" bolts in the bottom, or the 1/2" hex head bolts? If it's the 1/2" hex head, those are easy to get out with a simple 1/2" socket. The gulmite, on the other hand, requires a special tool and maybe your local Maytag dealer still has one that you might be able to use.
If you wish to keep this machine and use it for the "long run", you need to take care of that leaking oil.
As gansky1 indicated, there are a lot of machines out there that do the exact same thing that yours is doing. It will, unfortunately, eventually get worse as time and use go by.
The amazing thing about these machines is that when women (or men, for that matter) bought them new, they were meant to last for years and years. Guess what? We now own the ones that LASTED years and years and require some maintenance to keep them going for even longer!!
I have a brand new 1983 Maytag N2LPS; it literally had not been used and I bought it from the original dealer; it was still on his showroom floor and had the paper on the rollers!! I bought it around 2003/2004 and by then it was 20 years old. The sad thing was that since it had never been used, the gaskets have now dried out and the center seal is no longer functioning; when I decided to use it, the water from the wash tub went into the transmission, just like I described above. Needless to say, I was so sorry and it is in the garage awaiting a complete rebuild of gaskets and lubrication. Once it is done, I'm bringing it back to the basement for a good workout.
It's spring now and there are TONS of garden-dirty jeans to wash!!
Good luck on the restoration!!
