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From what I've read, they were used mostly behind 4 & 6 cylinders in light duty applications... Apparently, they're not as strong as the C-4 but it does have better oiling and more clutches in the forward drum. The lockup portion of the C-5 has caused problems for some...
"1982 brought the C-5 which was essentially a stronger C-4 with a centrifugal torque converter lock-up clutch and an enhanced valve body for smoother shifting. It was produced through 1986 and was completely replaced by the AOD."
From what I'm reading, the general consensus seems to be to either stick with the C-4 or go to an AOD...
I'm not overly crazy about lock-up torque converters - have one on my Fury and that damn thing does that "lock-up hunting" that aggravates me to no end...