Welcome and post up some pictures using photobucket.. the picture upload here is not working right now.
pinkish fluid is not good - most likely water intrusion into transmission via cooler... could be okay -
get a fluid extractor - something like this - look around you can get them cheaper.
does it run? - most likely get ready to replace exhaust manifolds and risers. Hopefully not too neglected - but pictures needed.
...A bad day water skiing still beats a good day at work...1995 Pro Star 205....