Trans seems to drop out of gear

[TrboBoy]

My recently acquired T has a problem.:frown:
In coast down situations the transmission seems to slip out of gear. It is as if it has been placed in neutral. After a moment it reengages, typically harshly.
The trans. has a shift kit and a billet servo, stock converter, with approximately 115k miles. The up shifts are quite firm.
The pressures, if I recall correctly, were 95 psi in park, 160+ in 1st and 2nd a bit lower in drive and a bit higher in reverse, with the car stationary.
Any idea what is causing this?
Thanks

 

[chris718]

It sounds like the forward clutch is engaging and disengaging,or slipping.If it is full of oil and the oil pressure is good it is probably time for a rebuild.