How much tension should be in the cable in the adjustment area to the front (between the throttle and mounting bracket)? Mine is very loose (i.e.: 1/2" of play). The 700R4 seems to shift around 20 mph, but after that, it just revs up to high RPMs. Could this be the potential issue? Thank you!

 

Not supposed to be loose at all. Shifting early won't hurt anything, but shifting late will burn up the tranny...

 

Yeah it should always be under tension. It may have broken free from the linkage within the transmission...