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M46OD not working, symptons mean???? 700 1989

My OD has been showing these symptons over the past few years occasionally, now it does not work at all. Hereis what it does.
When cold, it will shift into OD the first time you activate it, but within about 2 minutes it will drop out of OD. The green dash OD light will stay on. At this point if the OD is engaged it will be in 4th (non-OD) and if you take your foot off the gas the rpm's will drop. This is accompnied by a low rumbling and growling noise from the tranny. It is behaving as if it is freewheeling.
The tranny is full of fluid.
Can this be fixed by replacing some parts, (pistons, seals) with the tranny in the car? What part do i need to replace?
Car has 357,000 miles.
Thanks,
--
744-16v,745-16v,242Turbo.245DLT






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