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Dropped my '65 3 spd, sounded and felt like the clutch was slipping. The eng is a '66 390. The first thing i found was the clutch springs were hitting the flywheel bolts, the disc had much more wear on the eng side, the fingers on the pressure plate were worn from the t/o bearing, no contamination, there was loose metal bearing looking things in the bellhousing (about a doz).
Last time I ran into this type problem the parts house had given me the wrong clutch kit when I was doing a clutch job on my 1970 F250 with a 390. Luckly I detected the error before I finished assembly.
I wonder if the wrong clutch was installed on your rig.
I was wondering the same thing. Maybe the flywheel was machined to low?
The thing that has me and my buddies stumped was the metal roller bearings falling out of the bellhousing when we removed it. The B/H cover had dents in it from those things flying around.