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I hate trying to explain noises but here goes...
When my 89 is in Park and I shift into Reverse the trans makes a weird "zzzzzzzzzzzt" sound (it sounds like on of those old toy tops that you stick a toothed plastic rod into and pull it out to actuate the gear assy inside), and then it goes "click, click, click". It also makes a couple clicks when I back up, then again when I put it in drive and go.
Any ideas? I'm thinking the clicking is U-joints but I'm not sure or which ones they would be.
Not sure if they have them in your state, but Village Transmission will provide a free diag of your tranny and tell you what is wrong. My bro brought his 5.0 in there to find out he just had an adjustment of his quick throw shifter out of whack..
I am afraid that you are about ot have a complete trans failure. I beleive that you either have a broken spring or retainer. IF it makes a clicking sound, you might be in the final stages of losing reverse and possibly one of the forward gears. I would start looking for a competent transmission shop to rebuild or replace it. :(