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I had a new (heavy duty) torque converter put in the V-10 Ex a few months ago. It goes into lockup when it should, but coming out of lockup seems odd.
When I come off the gas, after 1 - 1.5 seconds the lockup releases, but the engline slows only 400 - 500 PRM. The motor acts as a brake, slowing the Ex until the RPM nears 1,000.
I would think that she should coast, or very nearly coast, with no drag from the motor.
You're confused. The torque converter should provide engine braking whether it is locked or not. It is unlocking when you come off the gas. The additional braking you are feeling is the fuel shutting off.
There is always a drag when you let off on the gas with any tranny at any speed. Years ago they had an overdrive in some sticks that acted like it went into neutral when you let off on the gas but they went out of style before the Hula Hoops came in.
It's probably the load of the extra two cylinders that makes the drag so noticeable. I tested my 5.4 F150 and it behaved similarly, though the deceleration was much slower.