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I have some experience with the M46 from when I was having my own problems, so here it goes:
My first thought upon reading your symptoms was low transmission fluid. You topped it up, though, so that's probably not it. This definitely sounds like a problem with the hydraulics, though. It is possible to take off that inspection plate, beyond which are three plugs. The only thing that falls out when you take off the inspection plate is a rectangular screen...and all the transmission fluid. Behind the big plug, there is a round filter which could be clogged and impeding the flow of fluid. The small, middle plug retains the non-return valve, and the last remaining plug retains the relief valve. (I'm using my Haynes manual to refresh my memory, here, since it's been a while since I was in there.) So if you're willing to take a shot at getting under the car and opening up that inspection plate, you might want to open up those plugs and see that everything is in working order, with good o-rings. Then clean out the filters, button it up with new Type-F, and see how she performs. This may not fix it, but it doesn't cost any money to carry out this inspection, except for a few dollars for more transmission fluid. And if it works, you've done well.
One question: How well dose the OD disengage? Is it quick to come out? Or is it sluggish/hesitant? If disengagement is a problem, you could be looking at a mechanical problem. I might suspect that the cone clutch is hanging up on the long studs on which it rides. I might also be inclined to suspect the solenoid. My solenoid failed, causing a quick engagement but the OD would not disengage. I bought a new solenoid and it's been fine since. But that was the last thing I did...
Before dropping $200 on a solenoid, I worked my way up the cost ladder, (though, not the "time ladder"), and took the OD completely off of the car to install the "mini od rebuild kit" that I bought from IPD. (It was around $50 at the time.) This replaced virtually every o-ring in the unit, and afforded me the opportunity to inspect all mechanical parts. But it was a two day job, and didn't actually fix the problem. (You can probably imagine how disappointed I was.)
So I'll try to sum it up here, with an order of steps that you *might* want to take. 1) Wait for other replies here, as there are many who are more experienced than I am. 2) If you are willing to get a little dirty and are competent with safe use of jackstands, consider taking that inspection plate off and looking at mechanisms behind the three plugs. Keep in mind that you will need a pin spanner to get the plugs off, and you will definitely want a shop manual on hand in case you forget how to put the non-return valve back together. (BTDT) 3) If the OD has some mileage on it and you can afford to have the car off the road for a few days, (and are willing to do this kind of work), consider taking the OD off the car for a full inspection/ installation of new o-rings and seals. (Again, I used the IPD kit.) Personally, this was my first "major" undertaking and it went relatively well. The hardest part is getting the OD on and off the car. It's heavy. 4) If nothing has worked up until this point you probably need to either rebuild your solenoid, or buy a new one. As far as I can tell, there's really nothing left by now. If there is an internal problem, (such as a worn cone clutch), it will become evident during the rebuild.
I know that this post is long already, but I have to add the usual disclaimer: These steps worked for me, but may not necessarily work for you. It's impossible for any of us here to know for sure what will/will not fix any given problem. (Yes, this is just to cover my you-know-what. But I'm sure you understand :)).
Anyway, good luck. I know how aggravating a malfunctioning OD can be, but one that works is a wonderful thing. Let us know how things go.
Tim
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