Well, first we gotta find out if it is the tranny coming out of lockup, or out of O/D. Next time it does it, put your left foot on the brake just enough to turn the brake lights on, and also therefor kill the power to the lockup solenoid, and see if it stops hunting between. If it does, then I'd be looking at getting a vaccum switch that needs a lower vaccum rating to be unlocking the converter, if it still does it, I'd tend to say it is probally a TV cable issue.
By shifting slow, do you mean it is holding gears longer than you'd expect it to, or is it shifting in a short, stacked sort of a manner? If its short and stacked, do NOT drive another minute with it, cause you'll kill your tranny in no time at all, you need to turn your TV cable pressure up until it shifts properly. Turning it up involves sliding it towards the firewall, turning it down involves sliding it towards the throttle linkage.
MT, does your tranny shift normally otherwise? 305 or 350? Do you put the skinny pedal down further to keep your speed, which makes it come in and out?