I don't have a valve body breakdown handy for this trans, there might be one on the net. ( the 722.4 4 speed is similar just physically smaller, 722.5 is similar as is a 5 speed with a overdrive unit in the tail.)
The 722.3 starts out in 2nd, are you sure you are shifting between 1 and 2 not 2 and 3?
Pressure checks would let you more about what is going on, Line pressure , governor pressure, modulator pressure, not sure if you can watch any friction element pressures on this unit.
Are the shifts you are getting on time and not super late?
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