If the trans was actually slipping like that, you would never make it to 150 mph, not even the first time. The heat generated would burn out 3rd gear in one pass.
I think it has to be the tach.
If you've got an aftermarket ignition box, some tach's will not play nice with some boxes. I know, at least in the past prior to 10 years ago, many of the Sun Tune/Sun Pro/Sun Super tachs wouldn't work with an MSD ignition box without having to use a tach adapter box in between.
A lot of the factory tach's in the 80's and 90's cars is the same way.
If you can actually hear the engine jump rpm instantly to 7000 and hold there, while the car accelerates and in an handful of seconds it "catches up" to the engine rpm then I would start to suspect the torque converter can't handle the power, not built good enough and you are blowing through it.(or it is broken)