Ok heres my problem. Well I took my mustang out for a drive the other day, and all of the sudden the transmission started to slip. If I were to give it any gas at all it would rev up and barly grab. I figured maybe something was cloging my transmission filter so i changed it. The fluid smelled burned. Well it did not help. Now my seccond guess is that maybe my car has too much HP for the transmission. I just boared it out to a 331 and put a stroker kit in it, so i probably have arround 320-340HP, it originaly had 210HP, I think it might be my tourq converter, but im hoping its not.......any one have an idea?

 

Whatever happened to cause your issue, you can bet that the band/clutches are fried...

In my experience once a tranny slips even a little, it is on borrowed time. This combined with the burnt smell of the fluid would put me in the market for a "new" trans or a performance rebuild for yours.

I think that you will be pulling that tranny soon, one way of the other, when you do, address the power issue.