p0748 Thats a governor pressure solenoid code. That will put the trans in limp mode. (starts in second, no O/D, and probably no TCC either....)

 

Is the adjusting bolt being level with the locking nut on the front band proof positive that a band or drum is severely worn or broken?

 

Worn. If you can actually adjust the band to spec, back the adjuster off two turns, and have enough there for the lock nut to grab ahold of..... it'll likely last for a while, but, need to start thinking about a better solution. Various folks make "slip in" bands, to replace what's in there now. Or, just yank it, and rebuild the whole thing.

 

Ive been having the same issue in my 01 with a 99 transmission, did the solenoid fix it?