Transmission trouble.... 700r4

[savagek5diesel]

hey guys, the other night i was on my way home and on the freeyway my truck went to down-shift into 3rd and started revving out, it has done this to me a handful of times in the last couple months. usually i just pop off the gas pedal and it'll jump back into a gear. this time......... nothing. i was able to pull it into a gas station, but it was at a crawling speed and at a perty high rev. i checked the dipstick and it was a little low, but when i smelled the fluid on it, it smelled a bit like burnt rubber. my buddy stopped by to give me a second opinion and said i probably had a badly worn band.
I read every 700r4 post and came to realize that there might be a couple simple things i'de be able to check to get my truck driving again without needing to go get a loan. It's my DD so it's very important that i get it going without breaking the bank.
I was wondering if you guys would be able to post up what i could check for. I'm gonna be pulling the pan also so if there's anything to look for specifically while i'm in there please let me know. opinions on getting a junkyard tranny, buying a new/updated 700/ or a rebuild? the rebuild i would try to tackle myself so information on what specialty tools i need to get and the type of rebuild kit would be best suited for the 6.2.
Thanks for any input guys!!

 

[kennyw]

A full rebuild kit (about $100 from Transmission Exchange Co. in Portland oregon) and a rebuilt torque converter (about $200-300) are going to be the minimum to fix that tranny. There are no special tools required for the 700R4 that you can not build yourself. Basically they amount to a pair of small flat bars about 3/8 x 2 around 10-12" long. Drill a hole in the center of both of them and use a long bolt and nut to compress the springs enough to remove snap rings is all you need to do. I'd also suggest a good rebuild manual and plenty of work bench space to lay everything out in order.