The only thing electric on a 700R4 is the converter lockup for overdrive. If TV cable is set right, I'd check the govenor, look for either a stripped gear or a gummed up valve. It's the dome shaped cap on the back left side of your tranny. That cover just snaps on, pry it off with a screw driver and you can pull the governor assembly right out. Check the gear on the end of it to make sure none of the teeth are damaged or missing. If they're fine flip the valve over several times and the little valve inside should move back and forth freely, if it doesn't, carfully take the assembly apart and clean thoroughly with a good carb cleaner and a soft cloth and reassemble. Be very careful not to scratch the valve assembly during removal and cleaning. It's usually a stripped gear, they're easy to replace. the can be salvaged from a junk 700 or gotten at any tranny shop, it's just a plastic gear and are know to strip out. You don't have to drain your tranny to check it, but have a pan and some rags ready as you will lose some fluid, but not much. Rtv the lid and just pop it back on when done.