I'm not sure of the earlier year 700's but the newer ones, 87+, were not vacuum modulated. Check the color of your fluid, if it's really brown/black and smells burnt you may need a rebuild. The 2nd gear shift solenoid is a common failure on high mileage units. The truck will hold first almost forever, then bang into 2nd, if it even does that. Although they recieve alot of bashing around here, the 700 is a good tranny. It doesn't hold up too well to heavy abuse, much like 10B axles, but when run properly with the proper cooling they will last just as long as the 3 speeds, and you save all that gas money with the overdrive on the highway, plus a lower first gear ratio then any of the three speeds.