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If the fluid color is ok, and she drives well, I would assume that the transmission is in decent shape.
One test I would perform would be to check the transmission Tailshaft Bushing. Place the car on flat level ground, engine off, and the transmission in neutral. Crawl under the car from the left side (drivers side in USA) and grab the driveshaft universal joint that's closest to the transmission and shake it back and forth. If you can feel any play, it's probably time for a replacement bushing & seal. The parts are only $15 from FCP Groton, and you'll need a machine shop to press out the old bushing and press in the new one. It's a about a Saturday's worth of work/labor and this operation is best combined with a comprehensive transmission cleaning (remove tranny pan and clean worn clutch sediment from magnets, inspect filter screen, flush with Mobil 1 synthetic ATF). A worn tailshaft bushing is quite common on AW-70 and AW-71 transmissions after 150,000 to 250,000 miles, but is usually dependant on how hard you normally accelerate and how clean the fluid is. Worst case, a shop can do the whole operation for you for about $75-$150 if you're not interested in doing the operation yourself.
In general, the AW-70/71/70L/71L transmissions are pretty bullet proof. You will probably have either an AW-71L or an AW-70L transmission with a lockup torque converter (which yeilds about 2 to 5 mpg better fuel economy at cruising speeds).
God bless,
Fitz Fitzgerald.
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'87 Blue 240 Wagon, 255k miles.
'88 Black 780, PRV-6, 148k miles.
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