727 3rd gear feels more like a down shift

So thinking more about dgibby's problem and how a slight adjustment fixed him up I had to scoot under the car and check mine out. First of all, that damned trans blanket is the worst SOB a guy could work around, although it's for my own good so.. Anyways I got to checking the adjustment over and I did find that my shift arm was loose and moving on the shaft coming up from the valve body. I was able to tighten it and it's solid now. The cable was then out of adjustment 2 turns to drop straight in when in high gear on both the shifter and transmission, so that may be the issue. Perhaps the shift spool valve was just not completely completing the travel, which was feeding both second and direct? Does that sound possible?
Wish there was as much space as it looks like.
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