What the heck is this?

The simplified answer is if you have to move the shifter for it to shift at all, it’s probably a manual valve body.
I agree about the pin sticking up not having a lever on it for a long time, so it may very well be a manual shift race setup, which is common.

If you put the rear up on stands and see how the shifter works you won’t hurt the trans if we are wrong.
The problem comes from putting a load on the trans with its pressures too low to hold the clutch packs and bands from slipping.
This burns them up real quick.
Up in the air keeps it from hurting anything.

Oh, and Inertia asked me to remind you not to throw it in park while the wheels are spinning.:D
Thanks, I have it on Jack stands now. I will check that tomorrow! Thanks Trailbeast!