Ok so I have been having problems with my tranny for the past 6-8 months. First off it slips between 1-2 2-3 and 3-4 gears, and if that isnt bad enough its burning tranny fluid. This all happens in overdrive, in drive the tranny usually doesnt slip as much, sometimes between 2-3 but thats usually it. I am stumped and wondering if I should just rebuild the whole damn thing. Thanks for your help

 

Sounds like it's definitely time for a rebuild.

 

the 700r4 runs too hot for it's own good. when you rebuild the trans get yourself a good after market trans cooler to protect your investment. i run a B&M that was small and easy to install.

 

Mine was doing similar things. I ditched it and installed a T56 . That doesnt help i know, but usually the 700 has some weak points, and you can diagnose the problem with the symptoms.

2-3 shift slippage can be blamed on the 3-4 clutch pack, which is the most common. The rest of the stuff you described is other things. You should definately rebuild it, or if i were you, i would buy a used one that isnt slipping and put a shiftkit in it. With a 305, you dont need to build it to race specs, you can get away with a good tranny, and the moderate upgrades, like shift-kit, new torque converter, with a slightly higher stall, corvette servo, and a tranny cooler.