The blue fluid is a synthetic hydraulic oil, with similar vicosities as synthetic ATF. Great for small hydraulic systems (I use it in my plow and hydraulic dump). That said, it does not have the extreme pressure additives that tractor fluid and gear oil have. Thats why tractor fluid is what it is (a hydraulic oil with extreme pressure additives), to protect & lube the transmission and sometimes differentials. You want a low viscosity tractor fluid for you machine.
BTW - the SAE multigrade oils are designated at 0 and 100 degrees Celcius. Therefore, a 5W-40 performs with the viscosity of a SAE 5 weight oil at 0 degrees C, and a viscosity of a SAE 40 weight oil at 100 degrees C. All oils (and most fluids, unless thixotropic) will decrease in viscosity with the addition of heat.