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I had this happen to my 86 740T. According to my mechanic, it is a problem with the sychros in the transmission and a transmission rebuild was the only cure. I drove with it for several years like this without a problem. It only happened when I accelerated hard and then suddenly took my foot off the gas. I got used to holding the shifter at those times to keep it from popping out of 2nd.
Mine would also grind when going into 1st because of the synchro problem. The work around was to put the shifter into 2nd and then immediately into 1st while the clutch was disengaged. That kept it from grinding when going into 1st.
Sorry I don't have better news.
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