Personally, I would not even bother to fix it. A good shifting transmission of that age will probably last longer than you want to keep the truck.
But, if you do want to disturb it, the problem is most likely in the valve body. The condition of the gaskets and check balls comes into play here. I have found that many GM transmissions use steel check balls that eventually pound their way through the separator plate. My gut feeling is that if you replace the separator plate, check balls, and gaskets, it will probably cure that problem. Not a guarantee, but that would be my most educated guess.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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