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I don't know exactly what the valves were set to, but on the same transmission installed in a '94 940, the lockup engages at 45 mph cruising speed. If you're accelerating hard when you reach 45 mph, or you're still in 3rd gear, the tranny will wait until these conditions are rectified before engaging the lockup torque converter. You should observe a drop of about 150 to 200 rpms when the TC locks up.
If you're driving along at 50 mph, you should be able to apply some moderate pedal pressure without the lockup disengaging. If you put too much torque into it (floor the gas), it should unlock and go back into "slushbox" mode (but by this time, you're probably forcing it to drop to 3rd gear anyways).
If you are noticing some definate slippage of the TC when it's locked up, I would perform a fluid and filter change without delay. Don't just change the fluid, you will want to pull the pan and clean out the sediment that accumulates there as the clutches wear down. You may have low pressure to the actuacting valve as a result of a partial clog from sediment, etc.
God bless,
Fitz Fitzgerald.
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'87 Blue 240 Wagon, and my 240 has 240K miles.
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