Okay guys, I did a little research here before I posted the question and it's probably answered somewhere, but after searching 10-12 unrelated posts, I thought I'd just ask the question...

I had a rebuild last year and replaced my 305 with a race built 350, still have the original 700R4 tranny. Set the TV cable and it seems to be fine in regular driving, but if I punch the gas it feels like the wheels are [edit-aren't] getting the power -- could this be the transmission slipping, a belt slipping or something else? I want to run the car at the track but know if I can't get it off the line it's worthless and, of course, don't want to do anything to damage the parts that are working.

Any suggestions on what to check out first?

If you hit the gas and the engine revs higher, and the car does not seem to go faster, or as fast as you feel it should, the trans may be slipping. If the tv is set correctly, and filter is not blocked, check the fluid level. If it is where it belongs and has a burnt smell, it is time for a new trans.

Hmmm....I don't have any problems with the tranny and the TV cable was properly set with the overhaul -- took the garage four times to get it there, but finally it is. I was wondering -- do you think it could be the torque converter? I mean, the engine seems to have the power but it doesn't feel like it's getting to the wheels.

BTW, there's no burning smell and this just seems to happen from a dead stop to quick (burnout) acceleration.