700r slipping on WOT only.

[Stroked10]

Took the truck today to a mechanic experienced with carbs thinking my accelerator pump was bad. Turns out the transmission is slipping and the engine free revs on wide open throttle. The transmission shifts buttery smooth on normal acceleration and even 3/4 throttle. He test drove it and told me it doesn't feel like it has 2nd gear. The oil level is fine but it does look a Lil brown.

Anyways he quoted me $1900 for a rebuild. He said the 82-83 700r's are the weakest and that I will need a core. The rebuild includes corvette servo, shift kit, torque converter, stronger shells etc. I'm wondering if there's anything else that could be causing this? Like TV adjustment or something?
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