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Ok, so I went to Autozone this morning and got the transmission filter kit. I just dropped the transmission pan. I don't see a magnet on the pan but there is the gray sludge on it when I rub my finger on it. Am I missing the magnet?
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My entire pan was covered in sludge too, but there was a credit card sized bar magnet with an extra concentration of sludge. If you don't have this, don't worry. Just be sure to clean the pan with brake or engine cleaner until it's shiny again. Then hose that stuff off with water and let air dry.
The filter kit should come with a sleeve that fits between the transmission and the filter. You'll want to replace this too. Don't try to pry it out, instead take a screwdriver and bend about half an inch of the lip outwards, then grab the lip with a pair of vise-grips and twist. This will cause the sleeve to buckle, reducing its diameter, and it will fall right out.
The check plug on the transmission is located on the underside of the transmission, very close to the exhaust flex pipe. It is on the side of the unit just above the pan.
This is what my service manual says:
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With the engine running and the transaxle at normal operating temperature (having idled for 3 to 5 minutes), locate the fluid level check plug on the transaxle. The check plug is located right above the right front corner of the transaxle oil pan, near the engine oil drain plug. Place an oil container under the check plug and remove it. Observe the fluid as it drips into the pan, indicating correct fluid level. The fluid level should be at the bottom of the check hole. If fluid pours out excessively, the transaxle may have been over-filled. Double-check to make sure the vehicle is level. If no fluid drips from the check hole, add small amounts of fluid through the filler cap at the top of the transaxle until the level is at the bottom of the check hole. A long necked funnel will be necessary to add fluid. Be sure to install the check plug and tighten it securely when done.
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Congrats for taking on the job.