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No. You can lock up at any speed in any gear with a 700R4 , many stock GM cars and light trucks had stall speeds as high as 2800 from the factory . ( 4cyl , V6 )
My 700 was set to only lockup in 4th gear OD using a manual toggle switch. but anyway what activates your lockup? You should have 12 volt wires activating the " lockup solenoid" but something has to cause the lockup function.
Using a 12V switch thats not manual. I've been told from 2 different sources that its wired correctly. I verified that my converter is a lockup converter.
I have a large external cooler. Heat is not a issue. Far as I know only thing its costing me is a few MPG. But I would like for it to work as intended.
Lock up is activated by a 12v signal usually done automatically once your in 4th gear and in many stock cars it would auto lock up in 3rd gear. It requires a pressure switch in the valve body and a 12v source.
Search the internet for lock up kits , it is straight forward .
If you have a 1980 to 1982 the car comes set up with a lock up signal system already