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Your subject line seems to imply that you're asking about one thing, and your message discusses something else???
If it was about a loose shifter, I'd suspect worn bushings in the linkage -- replace them and your shifter will be like new.
If it's about the OD control problem, there are several components to the system that might be involved -- in order of probability (based on 240s, not 700s), I'd guess first (most probable)the OD relay, then the wiring (through the shifter to the solenoid), then the switch (especially if you don't regularly use it), and finally the solenoid.
See the FAQs for advice on diagnosing and fixing.
Regards,
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