Spent the day trying to troubleshoot this without much success. Fluid level is fine, vacuum is perfect, Bowden cable does nothing, good or bad (I even disconnected it without any changes). So, I have two more questions for y'all:

1. Is the governor the same as the modulator valve? If not, where is the governor? [If you could send a photo or a link to one, that would be ever so helpful.]

2. Assuming that the governor isn't stuck, I'm going to drop a new transmission in this car. I already have a donor vehicle, so finding a a good transmission is not a problem. Does anyone have any recommendations/warnings? Is there anything that should be done to the donor transmission (other than a thorough inspection and cleaning)?

DeLoris