Not sure when
@dkraven is going to log back on but will post my diag recommended sequence for anyone else with the same problem who happens upon this thread (note - may not be 100% exhaustive):
1. Check fluid level on a level grade when engine/trans are at operating temp - if fluid is low, top it off then attempt a test drive when engine/trans have had a chance to cool.
> If condition resolves--> you're done
> If condition persists, go to step 2
2. Check Modulator system
> Check vacuum at the modulator; 12-13 Hg is recommended minimum to properly work the transmission, assuming it's not been modified for full manual control
> If vacuum signal is acceptable, test modulator itself for defects
> If modulator is found to be in working order, use pencil magnet to remove modulator valve - check for dragging, stuck valve (if valve is sticking or resistant to smooth extraction, polish valve bore with bench buddy abrasive hone until condition resolves
> If Modulator system is found in good working order in all respects, check governor
3. Governor
> pull governor and check for valve movement
> Invert governor, actuate weights and watch the valve - if it moves freely, and gear is in good shape, no other obvious physical defects, reinstall governor
* Steps 2 and 3 can be performed in any order
4. If no issues are found in #2 or #3, drop pan and look for signs of burnt clutch material, debris or metal at the bottom
> If any matter beyond just a thin film of gray material is noted, put pan back on with a few bolts and yank transmission for overhaul
> Make sure you are not using a cloth-style filter as they clog --> install screen style filter
> If nothing concerning is found and filter is not clogged and/or cloth style filter, check valve body
5. Valve body
> remove valve body from transmission
> Inspect manual valve as well as all other valve trains via a thin flat blade screw driver - make sure all valves move freely and return to rest position once screwdriver is removed
> If defects are noted (dragging / stuck /seized valves), overhaul valve body, polish bores were problems were noted and reinstall - test drive
> If condition persists and nothing done in steps 1-5 resolves condition, go to step 6
6. Rebuild Transmission
> forward drum / clutch issue
> low roller OWC issue