<VV> PowerGlide Issue

[jrg478 at aol.com]

We just got a '66 Monza 110/PG back on the road after sitting since '93. No major issues, only simple cleaning and a full tune-up was performed. 
 
Yesterday, we took it out for a spin for the first time (had run the engine and moved it in driveway many times prior to roadtrip) and after about 15 minutes of driving, the transmission seemed to "fade away." Lost all gears. No clunks, no signs of mechanical failure. Pushed it home. No signs of slipping, it's just as if there is no gears. 
 
Thought the fluid level was too high - drained it out - replaced it with about 5pints per the Shop Manual procedures. 
 
Then, same situation. Car "clunks" into REV like it should, but won't move. Car REVS up when put into LOW, but won't move. When in DRIVE it will only move forward when I feather the throttle up to a high RPM and then creeps, otherwise no movement at all. Transmission Fluid color is NORMAL, but it smells. 
 
Shift cable and linkages appear normal. 
 
Any ideas? What are we looking at here? 
 
Thanks for the help in advance...
 
Jay 
 
 
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