I have a 1988 Corvette that only has 14K miles on it, mint condition, all original. When I was driving a few days ago about 55mph all the sudden it lost power and acted like it went into neutral, all it would do was rev and give just a little bit of movement. Pulled the transmission pan, cleaned and replaced all the filters and gaskets. Started back up and drove around for a while, car acted fine, about 5 minutes of driving same thing happened again. Any Ideas would be helpfull. I don't want to take this to a repair shop.

 

I'm sorry, but if we are going to help you, we need pics of a 14K 88 corvette to ease our minds.

what was in the pan? fine powder residue?
What was on the magnet?
normal material on the magnet and in the pan look like just black paste or loose coating that you can move around with your finger. any shavings or metallic look to the little bit of fluid in the pan signals that you might have a problem.
Driving around for a little bit with fresh fluid and a new filter sort of points to junk in the filter, but then falling back to the same scenario indicates that you have a temperature related problem.
Your problem is compounded by not driving it enough to get a baseline.
What I would do is first, take it out again and drive it till it's warmed up fully. If it stops pushing the car when warmed, put it in the garage. Wait till the next day, drive it till it warms up and can't push the car.
If you have a digital thermometer, I would get the temp of the fluid on the dipstick to see if the internal slipping is causing the fluid to heat up. Probably driving the car for 15-20 minutes would give you maybe 200 degrees of trans temp.
Look at your watch, and see if it is the same amount of time each time. If it takes about 4 miles and about 10 minutes each time, Then you have a baseline as to what is happening.
Before you go out the next time, I would reset the TV cable.
On the side of the throttle body there is a plastic device with a D shaped looking piece molded onto and attached to the trans cable with a white center.
Push the white center in, and there will be a plastic sheathing covering the cable that will slide in the cable sheathing.
Slide that plastic piece into the cable housing.
Then with the engine off, push the white center again, pull the throttle wide open. do not use the gas pedal, just full throttle the gas.
You will see the little black plastic piece around the cable come out of the cable housing.
Then do your baseline runs and see what happens.
THe little plastic piece on the cable sets the trans pressure and on mine, it slipped and my trans was not getting enough internal operating pressure, and I had to replace the cable.,
Remember, your car may have 14,000 miles on it, but all the plastic and rubber stuff is wearing out just sitting there.

 

Just black paste in the bottom of the pan, no shaving on magnet or peices of any kind in the bottom. I will get some pictures uploaded, lol

 

I drove it around, set it in the garage and drove it again the next day. The second day it acted like it would not shift, had plenty of power but seemed to feel like it stayed in a lower gear. When I stoped I checked all fluid levels and noticed that a line on the passanger side of the engine that is covered in a heat sheild was smoking and burning hot to the touch. Can you help me figure out what could be causing this?