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A buddy of mine has a 93 with the 700R4 trans. It has an odd problem of reving higher in 1st gear before it shifts into 2nd, and when it does shift, it is prolonged and soft / slipping (not hard, like an improperly adjusted TV cable would do). All the other gear shifts are at the correct RPM and firmness (depending upon throttle position).
We tried adjusting the TV cable in and out, and the correct adjustment is where it was originally (loosen the cable, mash the throttle to set the adjustment).
We changed the filter / fluid, and re-torqued the valve body bolts with no change. The fluid was clean (no sign at all of burning). Did find a couple of chunks of old pan gasket in the pan though, but the filter was not blocked (someone did a very sloppy job on a fluid change previously). Pan residue was normal clutch material and very light (last changed 50K ago). Very light amount of metal on the magnet.
This sounds like an accumalator / seal or perhaps a band? Any suggestions?
Ouch on the gasket chunks. This could very well be the problem if a chunk got past the filter which is possible. From here next thing i'd do is open it back up, drop the valve body, clean everything in the valve body and be very careful to note exactly where everything goes and don't lose anything. Most tranny shops will rebuild the body if this is beyond your scope of knowledge. It sounds like a check ball is stuck or broke a spring. You'd be able to tell if you remove the body.
The 93 TV cable does not adjust like the older ones. IE: release and then floor gas pedal. The factory manual has the details, but it involves using a inch pound torque wrench and setting it at the ASR unit. I mailed this procedure to RAYSUR since I didnt have a way to scan and send it. If you ask him he might be able to e-mail it to you.