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I'm in the process of trying to rebuild my TH-350 from my '79. I have completely torn down the transmission and I noticed that my 1-2 accumulator spring is broken into 2 pieces. Before I tore down my transmission, I noticed no problems with shifting.
In an effort to find a replacement spring, I read something suggesting that I could just leave the 1-2 accumulator spring out of my transmission. They said that the spring just softens the shifts in the transmission and isn't necessary from a performance stand point. (see the below link)
No you dont need a spacer, the shifts wont be so hard that it will be uncomfortable, if you need to find one the local tranny shop may just give you one cause they rarely put them back in (when they break they tear up the housing), or you can get one through "bulkpart.com". This is a common problem with the th350, almost everyone I have done this spring was broken, I used to get a new one to put in a stock rebuilds but most shift kits tell you not to put it in anyway so you should be just fine.