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It revs way to high in almost all gears, especially 2-3 shift. 2nd I think it almost hits redline and hangs there for alittle, have to let off gas so 3rd catches. It shifts fine other wise when Im not WOT, driving normal.
My 700R/4 did the same things till I had a TransGo shift kit installed to sharpen up the shifts and the shift points changed with a B&M governor recalibration kit.
I don't know if yours has the same TV cable set-up as my '85, but that would be the first thing I'd check. Mine was out of adjustment a while back and acted like that.
Find a CHILTONS or HAYNES repair manual for your year. There is a specific way to do it on my 84 and I don't know if its the same for yours. I have a ratcheting T.V. cable adjuster on mine, does yours?
First depress the tang on the side of the TV cable holder and slide the cable head toward the firewall.
Then press the accelerator hard to the floor, this will set the TV cable to it's nominal position.
BTW, the TV cable controls line pressure at part throttle and so part throttle shift points. Moving the cable head toward the firewall raises and quickens shift points; moving it away from the firewall lowers and softens the shift points at part throttle. When making any adjustments away from the nominal position, go in small steps as indeed a serious misadjustment can do harm to the tranny.