Wow - I though this thread was lost. Thanks for the replies so far. Yes, the red stuff is assembly gook. And quite handy in keeping those check balls off the garage floor. If that valve is the TCC valve, could it impact my 1-2 shift? (still awaiting tranny book from library). Interestingly, the valve that's marked in the pic above does not exist on the valve body of another 700r4 I checked....
Here's a fluid diagram I found on the chevelles site - not exactly applicable but for those searching for info, maybe this will help.
http://img200.imageshack.us/my.php?i...icdiag25iv.jpg