Transmission fluid flows like water?

Drivetrain from a '99 Ford Escort ZX2 installed in a '91 Ford Escort. Manual trans.

At last weekend's LeMons race at Autobahn (Chicago), my team blew a halfshaft. When they were under the car replacing it, my dad noticed everything was HOT. Pulling out the halfshaft, some trans fluid spilled out. This is normal.

We used Pennzoil Synchromesh. Factory fill is DexIII-Mercon ATF. It's a Mazda G-series transmission, which also takes regular gear oil.

When it spilled into the catch pan, my dad said it was so fluid, it moved like water. Though the car ran and shifted fine, this behavior leaves us concerned. Is this normal? Does transmission fluid flow that fast when it's at operating temperature? Should we not be using Synchromesh?

Anyone else noticed this? Thoughts? Comments? Concerns?

Synchromesh viscosity is similar to ATF or a 5W30 motor oil (so that's normal). It's great stuff, and what I use in my own car.

I used Amsoil Synchromesh which is similar to the Pennzoil. It is thin. Make shifting really nice. Used it for over 75K miles with several track days thrown in.

Thanks, guys.