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I agree with the other responses in that draining will destroy it, but if you only want to disconnect it so it will stay in underdrive all the time, simply pull the wire off the side of the OD unit and tie wrap it somewhere out of the way. You will STILL need to service the unit with fluid and filter changes.
Since I do a combination of city and highway driving I can't do without it, but I hate it operating in automatic mode kicking in and out when IT wants to. So, what I do is as soon as I start the car I thumb the button one time. That keeps it from going into OD until either the button is again pressed or you restart the car.
I now have a habit of hitting the button when I start the car without even thinking about it. This way I run through the gears and if I am on the highway I thumb the button to drop it into OD. When I come to a stop sign or something, I simply slip it in neutral and thumb the button which locks out the OD. I then coast to a stop or if need be, pick a gear and drive with the OD locked out.
When I first got the car the automatic OD engagement was a little annoying but now with my habits I absolutely LOVE the operation of my 4+3 and will not give it up until it decides to give up, and I might even fix it then instead of changing to some other transmission type.
From: San Diego , CA Double Yellow DirtBags 1985..Z51..6-speed
Easiest way to disable it is to uplug the relay on your firewall on the left side of the brake booster. The one towards the front is the o/d relay. Leave the relay there, it'll make for a spare for your fuel pump relay behind it(same part).
I really don't see why you want to disable it... do you not drive on the highway?