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89 760 Transmission 700

Ok. I have a transmission question...

I've got a 89 760 with 175,000 miles. It recently developed a problem with the transmission when it's ooasting. Under power, from a stop or cruising, it's fine. Decent shifts, no slipping. However, when you get off the power (it happend @ 70 mph, as I shut off the cruise control to slow down for an off ramp) the transmission behaves as if it's been shifted into neutral. No engine braking at all, and the motor drops to idle. As soon as you get back on the gas, it's back to normal. Sound like a bad torque converter maybe? Anyone have any ideas or similar problems?
Thanks!







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