Post replacement report: the fluid was definitely emulsified - it looked like an off white salad dressing. I flushed with some Champion 4000 I had available (UDT rated), three times, until I couldn't see any more contaminates. Filled with the Champion and it sure steers a lot easier now!
Did a quick oil change (no filter) since I was messy anyhow. It only takes 3 quarts, caught some semi-synthetic oil on sale for $1.99/quart, figured that was a real cheap $6 maintenance item.
Much to my annoyance, I can't find my records of when the unit last went in for service. I think it was around 275 hours and its at 420 now. Oil was due, it was quite black.
I'd like to wait until somewhat warmer weather, although today wasn't bad at 45F, to replace all the fluids and filters. Since economics are forcing me to do my own maintenance, I suspect it would be a good idea to "baseline" and get everything changed.
That leads me to my next question: Any recommendations for mail-ordering filters? Neighbors are recommending I just go to ORilley and have them cross match... Honestly, I'd think a good FRAM is probably just fine. Looking for the 2 transmission filters and an oil filter (yeah, I'll change the oil again, that part is cheap).
Oh, while researching Super UDT, it appears JD Hy-Gard meets or exceeds the Super UDT spec. That might be easier to find than something that meets our more unusual Kubota brand stuff. Both my tractor and RTV are speced for UDT or Super UDT for everything - can't see boosting that up to SUDT2 just because Kubota wanted to change additives.