Hi rich j, You are right about covering the basics first, but remember at the moment we don't even know if it has the correct amount of fluid in it . As i said previously, I don't think it's low fluid level anyway, but it could be, so check that first. low fluid level normally shows with delayed engagement of drive. Once the level is correct, do another road test, see if the fault persists if so move on to the next thing , which I would agree with you, check the colour and smell of the fluid.
There is only a manual front band adjustment on the very early boxes, and I don't think a 1971 V8 should be one of them. Having said that, the car is 35 years old so could have been fitted with anything in the past.
It is not recommended to use any type of gasket sealers or adhesives.Cleanliness is essential, and the only things recommended for re assembly are clean ATF and vaseline.
You are are also right about having the correct info. There is NO substitute for having the car in front of you, and a road test by someone who knows what they are looking for will tell you far more than a stall test.
Stall tests should not be undertaken if you don't know what you are doing. Generally if a box isn't shot before a stall test, it will be afterwards. It's probably a faulty front clutch or band.
My final advice at this stage would be,
1) get the correct fluid level (on level ground)
2) make sure the linkage is working as it should
3) make sure the kickdown cable is correctly fitted and adjusted.
4) then smell the fluid
5) if you then remove the sump, visually check what you can see inside the box, but if there is a lot of debris, remove and overhaul the box (the debris has to come from somewhere, and they don't usually heal themselves)
As a final note don't use DEXRON type fluids.