Be sure to check it running in park with the engine up to temp to get a correct reading. May be time for a flush/refill.
Also there are 2 rubber vacuum hoses on the auto's, one 90* elbow at the trans. mod. (rear of trans) and one at the rear of the intake. There is a metal line that connects them, follow it to find both. Most times these hoses are never replaced in 40+yrs. so it wouldn't hurt to change them, be sure to use a 90* formed hose on the rear or it will kink.
As mentioned the trans. modulator could be at fault also, there are different ones in the same year, they are usually marked with a paint stripe (red, yellow, etc.) so be sure to clean yours off to see the color before replacing, the different colors have different shift levels. Also find out where you're loosing fluid if you are as mentioned.
Jon
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"If it isn't broke I haven't fixed it yet" - Jon
 
'67 Coupe 289>333, AOD, CandyApple Red/red dlx interior, fox seats, 9" 3.50.
'09 Warriors in Pink w/glass roof - wife's Mustang
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