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Just got my hands and a 77 f100 that had been sitting for the past two years. I changed the oil, plugs and wires and cleand the carb and it runs like a champ but i cant say the same about the trans! When you first crank it up and put it in gear it moves and dose fine but when it warms it it wont pull at all.
Have you checked the transmission fluid level when warm? Does the fluid look clean? You may want to start with drain and filter to see if it helps. These are the first things I would check before digging in deeper. Post back what you find and we will go from there.
just throwing this out there and don't quote me, but maybe the fluid is getting to hot. Last summer i drove quite a few miles is very hot weather down the freeway and when I got off and stopped at a stoplight, on the take off it didn't wanna shift and when it did, it was rather sluggish. If I lived in a warmer climate and did more long distance driving, I would consider a tranny cooler. Anyway, the moral of the story is maybe something is blocked and the fluid isn't getting through the cooler, causing it to get hot.
I would check the fluid level this may be the root of your problem. If it is then I would change the fluid. Go to the transmission section I have a post there labeled changing fluid on a C4. Others chimed in and gave real good advice and I changed the fluid filter, and drained the torque converter. Just be ready for the pressure relief valve because it will pop out on you fast!
Now does it get real sluggish like in cipsmithers case, or does it not move at all? What mine does is when it is kinda warm, the trans modulator acts up. If I leave it in drive and take off from a stop, it will act like it is in 2nd or something, but when I shift it down into 1st, it takes off right away. just a thought.