Last weekend we took this car (55 T Brd) out for a Saturday drive and noticed an oil cloud behing the car at about 35-40MPH. Apparently the ATF is blowing out the dip stick. I have the original Ford transmission manual, and there is a torque converter check valve that may be the culprit. Have any of you experienced such a problem, and is there any solution other that pulling the transmission out for a teardown? Unfortunately in this model the motor / transmission combination has to come out. 

Bob

Before I got too deep into it, I would check to see if the trans was over-filled or if the vent was plugged.

Dan      Kingman Az.      86409

the transmission has a breather which is plugged with dirt.you dont have to take it out.on yours its on the right looking from the back close to the top just before the bell if i remember right.there may be something else that can cause this always but this fixed any i ever saw.