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1966 El Camino
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Convertors are a welded, assembly, if it leaks anywhere other than the seal at the transmission pump it is garbage and has to be replaced. If its the seal, the transmission pretty much has to be removed to fix it and of course the same is pretty much true with the convertor. Though I am sure there are those who have managed to replace one without dropping the trans from teh car I assure you thats no fun (unless you have a lift) even then its not fun but its a lot easier.

700r4's do not have a modulator valve, they do have a large servo that accessed from the outside as well as a governor. My big question would be if the owner "starts it up and lets it run a minute or two that it will drive and shift just fine " how does it drive if he doesn't let it run.

The 700r4 is also notoriously sensitive to the TV cable adjustment, get that adjustment wrong and you have a doorstop in a matter of miles.

Best thing I could advise is to obviously look at the car, drive the car (and not just around the block) if you have a mechanic you trust, take it to his shop and have him inspect it.

Best of luck
 
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