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Just bought a '95 F150, 302/auto with 74K miles and was wondering. When mine locks up the convertor(after going into 3rd), it's fine. Only when it lugs down to below 40ish, it wants to unlock again. That's fine, but it kinda shutters a second before completing the shift. Like it's not quite sure what it wants to do. Most of the upshifts are fine and pretty smooth. Sometimes it kinda bumps into lockup hard. I suppose it's just common with some mileage on them? It's never towed anything(no hitch or ball in bumper) so I think it's been babied most of its life.
I'm thinking maybe a dose of Lucas or something of the such to ease the shift? Might soften it up, or make it less noticable. I drive it around town with OD locked out to eliminate over shifting constantly.
I had a '96 F350 new back in the day and don't recall it every being like this. It was a 460 truck and it would lock up the convertor after 2nd gear(not 3rd like the 302 motored version). It really made the truck sluggish and wished I could have changed it back then.