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Check the oil level.
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High-mileage overdrives can suffer a peculiar problem. I've had it occur on several of my cars.
After many miles, the solenoid (magnetic field) can collect the very fine iron particles that occur from normal wear. This black gunk can pack in around the solenoid valve and/or the armature, preventing it from quickly returning to "off" even when the power's removed.
This means that the OD will sometimes "ooze" out of overdrive when switched off, causing slippage.
I had it happen in my '75 245.... The overdrive would stay switched on (hydraulically) even after I had stopped the car and switched off the engine. As I drove away in 1st gear, the OD would clunk in, regardless of switch position.
I solved it by removing and disassembling the solenoid and cleaning out the black cement-like glop inside.
Worked great for another 200k miles (that tranny had 435k on it when I sold the car).
--
Don Foster (near Cape Cod, MA)
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