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On a 700r4 (or 4l60), 2nd and 4th gear use a band which is actuated by the servo you see sticking out the side of the case. 3rd uses the 3-4clutch pack and fourth applies the 2-4 band to the allready applied 3-4 servo (hence its name) So the theory goes, if the band is slipping it would slip in 2nd and 4th and if the 3-4 clutch pack was slipping - it would slip in 3rd and 4th
I've removed mine from under the car. There is a pretty hefty snap ring that needs to be screwdrivered out. The cap then needs to be pried off (channel lock). Then the o-ring replaced. It's a little tough, but doable.