What the heck is that noise?

[Diablo de la Noche]

Well, I took my 67 GMC out for a spin yesterday. It's the first time since I bought her, and the good news is that once I put in a new battery she started right up. The 350 runs a little rough and smells pretty bad (a little rich), but no real problems. I put her in gear and the worst noise came from under her. It was a scraping noise, like the torque converter was a rock tumbler full of scrap metal! I took her up the street and back. When I put it in reverse, she stalled and after I started her again, I had to keep the RPMs up to get her back into the garage.
Well, I drained the tranny and pulled the pan and filter. It was full of silver glitter and about 1/4 inch of sludge. I should have checked the level before I pulled out, but I think it was just really low and neglected. Probly less than a gallon drained into the pan. I guess I will put in a new filter and fluid and see what happens. There were leaks all around the gasket (it just fell off after I pulled the pan) and from the speedo cable.
I still had fun, until the wife got home and saw the mess! Now I have to spend an hour cleaning the garage everytime I work on the truck! I don't mind, though.