well I just yanked the valve body. The bottom of my pan was entirely grey.
I think it's going to boil down to a rebuild, a local guy said he'll do it for $400.00 with a brand new convertor also.
I was reading in the TH350 handbook that the author (Ron Sessions?) had said installing a shift kit sometimes allows you to get a little more out of an otherwise-smoked tranny. So I've got the kit and I'm going to try going that route...with a little luck it'll bring the tranny around long enough for me to save up $400.00 or acquire the intestinal fortitude to do it myself.