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Hmm the clay is probably former clutch lining material. Rather than "bands" these units have little disc clutches. As they wear they blacken the fluid with residue. I'd clean it out, and not worry much about it unless you can't get 4th gear or something odd like that.
The tailshaft seal and bushing is essential. I think the inner one is intentionally loose, or at least it's designed to pivot around it. The old bushing should pop right out if you've got the housing removed.
Good luck with it.
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Rob Bareiss, New London CT ::: '87 244DL/M47- 225K, 88 744GLE- 209K, 91 244 183K. Also responsible for the care and feeding of: 88 745GLE, 229K, 88 244GL, 146K, 87 244DL, 235K, 88 245DL, 236K
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