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Its very difficult to make out what you're holding in the picture. However the video seems to show some sort of mechanism that is pulled by this cable and the hose clamp is used as the loop that is pulled to actuate the mechanism. Are you able to take better pictures of what is attached to the transmission?
The cable with the clamp does it go to a black plastic tower/Tube on Rt. side just above the Trans Pan of O/D unit, if so it is a Dent Cable that should be Hooked onto the Throttle Plate by Throttle Linkages and which tells me your O.D. is not the original and from an older car 86 +- and below because by 88 they had been phased out . The Rusty Spring that is Supposed to be inside your Spare Tire Compartment. put thru a lug hole of spare holding Jack inside Spare Tire.
it's supposed to be in a bag and the photo I sent earlier I do believe the Jack is upside down, if memory is correct the spring is supposed to be across the ground pad of the jack https://www.bing.com/images/search?v...92656970124014
NOW that's a New One but I get it, the linkages inside and probably outside your trans are a Bit worn or out of Adjustment. The PO hooked a Cable to your Reverse Linkage because the car is being sometimes Locked in a Forward and reverse gear at same time. So when it Occurs put car in Neutral and give the Cable a Tug and clear the Stuck Reverse Linkage.
So with that said with the cold weather probably keeping off the road go thru the External Linkages and look for wear or miss adjustment. You may also think about rebuilding the Shifter side cover you can kill a pile of problems at once like worn shifter forks, leaky shaft seals, and see if the shifter Blocking ***** are keeping the shafts from being in 2 gears at once. The Video will be a basic guide to the T-10 Main Box. For the O-D that would be another Video.
One more thing the Coil Spring on the Clutch Fork is NOT original and a Bad Idea it's holding Tension on the Throw-out Baring against the Pressure Plate.
Been thinking and re-thinking and taking into account all the issues and costs related to rebuilding or replacing the Doug & Nash in my 1988 Vette.
As I have mentioned I live in Spain and if I add up buying a tranny (ZF, T56 or T5) plus shipping plus import duties plus unexpected plus all the parts to make it work on my Vette I am looking at a pretty penny.
What would you recommend?
As a side question, are all ZF bellhousings the same? I am brainstorming to get a ZF bellhousing and adapt it to a BMW tranny (as these are plentyfull in Europe and relatively cheap. Gents think it could work? I am assuming I would use the Vette clutch etc