Hi Klaus-I have a really nice '81 Avanti II with a 305 V8 and TH350C transmission (with lockup TC) with only 67,000 original miles (but rotted out Frame and non existent HT's !). It has been untouched since new and largely laid up for 17 years before I bought it and imported it into Australia. Like yourself, I felt that I should rebuild and renew knowing what old transmission seals look like given time (I have a Blog here... http://studebakerflightomatic.blogspot.com ). The engine had a worn out camshaft and I really didn't need to rebuild the whole thing but I did. I completely disassembled the TH350 and rebuilt it (even paid for a dyno test to make sure I hadn't buggered it up). I learned an awful lot about this Transmission the hard way and now have the benefit of knowledge. However... as I started to go through the parts, I found that despite its age, it was absolutely perfectly serviceable and was a waste of time. Oh yes , I did find the lockup solenoid faulty and the Speedometer drive will need to be re sealed, but the rest- perfect, Friction Discs/Clutch Plates perfect, with nice soft O rings everywhere. I know I seem to contradict myself, but if your tranny is going to cost you big dough, if it is functional, maybe leave a sleeping dog lie and spend it elsewhere? Best of luck- you are gunna love that car !