Hmmm - this is different than I thought...

It appears that the electrical component that was not working is the electrical switch in the selector that activates 1st when you slide it to the side. This was locked "on", which explains why my car was ALWAYS starting in first, and then having a hard time upshifting (usually going to near redline and then bouncing to 3rd). The tech is attributing this to reason that the tranny failed (having to work extra hard by starting in first all the time).

The switch is $48 to $88 (depending upon source), and installs through the console (inside the car). The tech is suggesting that I pick the car up today and drive it over the weekend. He will get the switch and install it on Tuesday (I pay for the switch, labor included in the total rebuild as quoted).

Again, I was hoping that the tech would simply tell me "everything is great", but he did say that he wouldn't have told a "normal" customer this much, but since I have my own shop he thought it would be ok to tell me the inner details (which he says he would have not necessarily revealed to a different customer - rather he would have had the customer wait another day and just fix it without giving the customer the details (again, like I said, I wished he would have just told me "everything is fine" - now I'll be driving along somewhere and hear a funny noise and be sure something is falling apart...)

-David