Richard , I will take a guess and say that your 55 "Bird has an air cooled torque convertor .Had the same trouble with a FOM in my Hot Rod .Turned out the "ears "on flex plate had broken ,causing a terrible sound .You can remove the dust cover on the bottom of the bellhousing and check them .My next guess is ,it would be just as easy to pull the motor & box to fix the problem . Someone else may chime in and tell me it can be done in chassis ????? Thunderbirds are not my speciallity ,but I'm thinking of that massive X member . Not a lot of room on there ??
Lon