I have recently purchased a 1983 Camaro with the 305 and 4 speed transmission. I have since put a number of hours into working on getting it road worthy. The car ran and drove well before I serviced the transmission. Since I have Changed the fluid I instantly noticed some major issues from the transmission. Including a whining Torque converter, Slipping gears and a burning smell. I am afraid that o ring in the filter was not seated correctly or it is not getting enough fluid. Are these real concerns? What should I do?

 

Drop the pan and check the filter, sounds like it wasn't installed properly and came loose. Did the old filter have the seal on it? Maybe it's double sealed and caused the filter to fall off.

 

Was the fluid dirty when it came out? And did you use mercon 3?