Next time you start it COLD, put it in reverse. If it's really, really 'draggy' going into reverse when cold, I'd suspect a plugged tranny filter.
Otherwise, I think we have some leakage going on inside. Like the other fella said, that forward accumulator piston is plastic and they do wear, wobble out and leak.
You really have to look long and hard to find a bad pump on an automatic transmission. So, if the thing shifts okay and doesn't seem to slip (*this is key), your problem is not major.
However, bear in mind that GM uses the lamest of lame seals in their transmissions. It's always been their weak point.
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Today's Featured Article - Field Modifications (Sins of the Farmer) - by Staff. Picture a new Chevrolet driving down the street without it's grill, right fender and trunk lid. Imagine a crude hole made in the hood to accommodate a new taller air cleaner, the fender wells cut away to make way for larger tires, and half of a sliding glass door used to replace the windshield. Top that off with an old set of '36 Ford headlight shells bolted to the hood. Pretty unlikely for a car... but for a tractor, this is pretty normal. It seems that more often than not they a
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