If I remember right that trans has a long shaft (direct drive input shaft) that extends from a spring damper in the converter all the way to the back of the trans case and splines into the direct clutch. The intermediate clutch and overdrive band are also applied in overdrive. The spring damper in the comnverter may be shot and that may also be causing a lot of the debris. At the very least it needs new fluid and maybe a new converter. There is a governor attached to the output shaft and is driven by a 1/4" ball that fits into a pocket in the output shaft. The ball tends to wear into the sintered metal governor body and cause the circuit from the governor body to misalign with the output shaft. That causes low governor pressures and all sorts of crazy side effects.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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