Highly recommended, in fact. But if you're concerned about it, I'll tell you one thing with total certainty:
If the transmission has "too much", it will dump it out of the vent hole, which is hidden behind a bolt in the rear of the trans.
For that reason, you can never really overfill it, although you can keep far more than 1.5 (recommended) quarts in it. Which is always a good idea, since the M47 is not the best transmission out there. And for the vent to clog, would be almost impossible on an M47. Or at least unheard of.
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