63 Galaxie - transmission trouble?

A friend is selling his 63 Galaxie 4 door hardtop (no B pillar) and needs to get it running sweet again. It has the Thunderbird 390 with a Ford 4 barrel and no modifications. Automatic with a console shift and buckets, power brakes, AC. If you go to the below URL, you can see the previous post in the FE forum. That will outline the basic trouble the car's having.
I'm thinking that it might be a faulty torque convertor or maybe some valve somewhere in the tranny - that's why I have come here.

It's pretty frustrating.

The story so far:

http://www.clubhotrod.com/forums/sho...163#post145163

We are trying to sell this car off as soon as possible, as Todd was surprised to find his wife having triplets instead of just one kid. He's still stunned.

Thanks all,
George

Tell him to go to a tranny shop and see if anyone there would be interested. They could fix it in their spare time and have a sweet ride.
Those early Galaxies have some road racing history and Ford used to put 427 motors in them. Look it up!

that dont sound like no trans. problem to me, sounds like a gas problem. most conv. problems is a no lock up or want move at all after lock up. sound like carb. to me. put a vac. gauge on the motor and see how much vac. you have. sounds like a car without a choke.

I wrote this in the original thread. Just rewriting here. Try replacing the vacuum. Sometimes the diaphram breaks inside and sucks in transmission fluid. That could be the reason for the stinky smoke after the bog.