I purchased this truck last night for the cost of the new engine...good deal (if you can deal with 7 mpg).
Turns out it has a TH-400, not a 700-r4 (I forgot over the last year). This explains the fuel consumption.
It came with a remanufactured trans which I am set to install this Sat.
Here's the deal...it seams that this massive leak has been there since before I touched the truck. As it was told to me, the trans was pulled to r&r the front pump seal. Evidently, the person doing this pulled the (I forget the exact name for it offhand) bushing directly behind the seal along with the seal...broke his seal puller as it was told to me. Now, the owner was not informed of this and I never thought to look when I changed seals, so it seems to me that this is the problem.
I am going to inform the previous owner if/when I verify this.
To add, he quit driving the truck due to the distances he drives dayly and the cost of fuel...not because of the leak, so I do not feel bad purchasing it at a great price.
Also, when I picked up the truck last night it seems someone dumped diesel fuel in it. Not a lot, but enough to make it run like crap. Such a shame to do to a 454 with 600 miles on it.