Sounds like you may have lost your intermediate sprag, or clutch.
Do you know how many miles are on the trans?

 

i have no idea how many miles are on it. I have records of the motor being rebuilt in 2005 but nothing for the transmission.

 

Check out Lokar, Having installed shifters from both company's, The Lokar seems to be a better quality shifter. However, B&M has the direct fit ratchet shifter. Lokar has better feel and is more user freindly.

 

ya the one I have is a b&m hammer shifter!

 

I'd look around for a good used B&M shifter. I see them all the time at swap meets, Craigslist, etc. for cheap! Got one off Fleabay for $17, another at a swap meet for $25. Usually have to buy the trans linkage/bracket for under $20 as they get separated, but better than buying new and paying big bucks.

 

The one i was looking at was the megashifter on summit racing.
B&M 80694 - B&M Megashifters - Overview - SummitRacing.com

Besides their looks, i just don't understand what makes it worth 230 bucks. Like, what do they mean by "ratcheting"?

Also, since i am getting the trans rebuilt, are their any parts you guys would recommend i get upgraded?

 

Both of the two I have arre Megashifters, both purchased used, and I really like them. They are regular shifters, or by pulling the T handle up they can be pulled fully back and become a ratchet shifter. In rachet mode it drops into 1st. gear, then you simply push it or hit it forward and the handle returns so you can hit it again for each gear change.
I really like them myself, but for some reason some people don't.
As far as parts internal to the trans I would spring for a new converter of whatever stall speed you like. I'd also put in a HD clutch pack, and a shift kit too. I like Transgo shift kits and rebuild kits personally. I've got the Transgo Competition kit in my Camaro, and HD clutches, all done around 1982 and still holding up nicely.

 

I would also get at least a hardened intermediate sprag race. They are know for blowing apart in higher HP applications.

 

thanks for the advice guys. i'll talk to the mechanic about that stuff