Someone more knowledgeable will pipe in but I'd think the longer you run it the more damage you'll do. It might be terminal at this point (cost more to fix than it's worth) or it might not but the longer you run it the more wear it's going to get in places you might not want worn.
My thought process is if it's slipping
1. either fluid isn't getting pumped in the volume or pressure it's supposed to and running it with that slip in the pump is going to accelerate the wear, what might need wear plates or some machine work if run long enough will trash the pump.
2. The other possibility is the fluid pressure and volume is okay but the by-pass is in the transmission, again fluid under pressure being forced somewhere it shouldn't be will cause more wear.
Before I'd make a decision I'd recommend getting a manual and doing basic test to figure out what's really wrong, it would be bad to trash a tractor worth thousands because you didn't want to make a repair that cost hundreds.
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Today's Featured Article - What Oil Should I Use? - by Francis Robinson. I keep seein this question pop up over and over again in discussion groups all over the web. As with many things there are often several right answers and a few wrong ones. Some purist I'm sure will disagree to no end with what I will tell you but most of us out here in the real world don't really care do we ? Some of them only bring their noses down out of the air long enough to look down them anyway. If you are like me you are only doing this old tractor stuff because you enjoy it. You
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