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you are OK. I rebuilt my old 1971 C6 and started it out with MERCON III with no problems. that was 4 years and over 120 thosand miles ago. lats time I serviced it, the pan was clean. now DO NOT EVER MIX THE TWO! this is big no no. some have done it and got away with it. but it aint smart. if you have been running the MERC III then dont change now. as far as the diferance between the two? as far as I can remember the type F is a petrolem base fliud and the MEC II & III are synthetic base. thats why they smell like plastic. any way mine is doing fine.
The main difference is friction modifier, that is all. Do not worry about mixing, etc. Type F does not have friction modifier, Dexron/Mercon does. If the transmission was rebuilt since '79, the replacement friction parts are probably designed for the newer fluids. An original C-6 will slip with Mercon fluid. Type F will firm up the shifts. That is all B&M Slickshift fluid really is.
hey, that's good info. still I wouldn't mix the two. I have seen some folks do it with no problem and then I have seen some do it and have a realy bad experince. usualy a gumed up valve body. that just takes a good cleaning and then flush the trans converter and they were fine after that.