Is my 700R4 fried?

[61Chevy454]

I have a 61 Chevy Shortbox I bought yesterday with a 454 and a 700R4. When I test drove it, the tranny shifted through all the gears and everything. When I got on the highway to drive home, it started hunting between third and overdrive, not being able to decide which it wanted. Then I get off the highway and it won't shift out of 1st,or if it does, it's very difficult to get it to do so. It was late and I was tired, so I unhooked the TV cable thinking it was the kick down... If I recall correctly, I drove it like that anywhere from 17-38 miles, mostly in first gear, though at one point, I had it in 3rd Gear finally and got it up to 60. I didn't keep it there long.
When it tries to shift into second, it just goes into neutral and then won't downshift unless you let off the throttle for nearly 30 seconds to a minute... The only way you can force it to shift is giving it lots of throttle. .

I drove it this morning and when it was cold, it shifted into 2nd gear fine, though very soft. As it warmed up, it stopped shifting into second.

I dropped the pan this afternoon and the tranny fluid was brown and smelled burnt. I'm in the process of changing the fluid. I'm also adjusting the shift linkage.

Am I ****ed? I really don't want to rebuild it.

[Rickysnickers]

W/O the TV cable hooked up properly, you probably have a bum tranny now. I'm no expert though and maybe someone else with more knowledge will chime in.

[Marv D]

Unfortunately with a Auto Trans,, if it smells burnt,, it is burnt. I've only seen a very few that came back after a nasty melt-down like this. As a last ditch effort, GET THE TV CABLE ISSUE CORRECTED (You need that anyways) If you need the correct lever just google. There is TONS of info on what geometry the 700R requires on the TV cable.

You can risk the cost of a couple of bottles of Lucas Trans-Medic and fill it with fresh ATF,, and hope for the best,, but be sure and expect the worst.

[speedygonzales]

3rd gear no shift is sure sign it's shot. The good news is it's not expensive to have a shop overhaul it.

We found out a few months ago the TV cable on a 700R4 is critical to the health of it. The cable had broke on the previous owner and he never fixed it.

That cable on a 700R4 is not just shift points. DO NOT REMOVE IT.

The cable needs to be adjusted so that the first to second shift occurs between 17 to 20 MPH. If it is too loose or not there, the shift to second will occur real fast. This is an indication the line pressure is too low. At this point it takes less than 50 miles to wipe out the internals. If the cable is too tight the shift will occur later and that is ok. But obviously you want it correct.

There turned out to be a shop 3 blocks from where I work and they completely overhauled it with tougher internals and replaced the converter for $700. I thought that was good price for parts and labor.

If you do overhaul it. Be sure to replace the converter. The shop told me no warranty without a converter.