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From: San Diego - Deep Within The State of CONFUSION!
How fresh is the fluid/how recently has the trans been serviced? Drive it a few times and let us know if the situation changes after it sees some service.
If the fluid and the filter are dirty, change them.
What pops to mind are a bad modulator or a stuck governor. Modulator's on the side of the trans and and you can usually tell if it's bad if trans fluid runs out of the vacuum line when you pull it off. Governor is in the tailshaft housing of the transmission and can be replaced without removing the trans, but is a bit of work. I'd check the Modulator, then warm it up real good, then drive it a bit to see if it'll come back to life.
Finally took it to a local shop who have some corvette experience and they diagnosed it as a leak in the steel vacuum reservoir.
They cannot fix that and plugged the EGR valve and it runs fine until I can get it to a corvette shop here in Dallas.