727 - Let me describe my symptoms...ugh

Rebulit my 727 a couple years ago....been working GREAT....

Last week i was out driving and it felt like it tried to grab 2 and 3 at the same time....came to a stop, started back off in first and all was fine again....odd...

This morning i fired it up and reverse took a long time to engage....never done that before.....
I get around the corner and it wont shift out of first.....then, it like locks up the rear wheels....I threw it into netural and stopped.
Tried again - same crap.....
I was just around the corner, so I drove it in reverse back home. Pulled it back in the garage in first - it drives forward in first as love as the RPMs are low......

So, the obvious question is - WTF?!!!!!! LOL

Jeff