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I hate to tell ya, but it is toast. Good used units are available, go with a later one as they are an improvement over the early ones. I got my 88 on E-bay for 500 bucks.
my overdrive was slipping, but the reverse never went out. The answer was to replace the unit with a serviceable one until I could figure out how to do a rebuild without paing someone else to do what I could do if I only had a couple tools.
I separated the 2 vent tubes coming off of the overdrive and the trans 4 speed part. i noticed that there was a good chance that the units could mix fluid if one or the other vented fluid.
I made a couple aircraft stainless hoses the right length, unscrewed the vents out of the trans, tapped the holes for pipe thread, and ran the two vents side by side up to the top of the firewall, and used little K&N filters about 1 inch high to vent the units.
Last edited by coupeguy2001; May 31, 2009 at 12:23 PM.
If it is slipping, it may not be rebuildable, as the part that is slipping has lost its grip with the case. I may be wrong on that.....contact a rebuilder in one of those links provided.
As pointed out in the link, the T-5 is weak and would not handle the output from the Corvette L98 for long. And there are mods required to get the T-5 to fit properly.
SK-Speed is supposed to have a good reputation for rebuilding the 4+3 and they should have replacement OD units you can buy and return your old OD. Repairing the OD unit requires special tools and it's not a good idea to DIY if you don't have experience with rebuilding this unit.
If you do replace the OD, it's a good idea to go thru the 4-speed portion or at least inspect it for wear. The 4-speed is a Borg-Warner Super T-10.
Once it's back together, you should do an annual OD fluid and filter change to insure long life.