Follow the manual and also the bulletin mentioned below to check and adjust the control valve linkage. Pretty self explanatory for that one and if something is loose absolutely needs correcting--but there is another to look at as well.
Aside from mentioning again the Ultra is not a hot rod transmission, the throttle valve linkage adjustment is probably the absolute most critical adjustment on an Ultramatic. As long as there has not been a major hardware break or plain old high mileage wear, then abuse and/or throttle misadjustment is probably responsible for most Ultra failures.
High range clutch plates depend on a proper and variable pressure to keep them engaged and locked to one another when selected. The higher the speed or torque required of the engine, the more pressure is needed. That pressure is directly controlled by the throttle valve. Anything making the pressure too low, then clutches start to slip, and wear and burning of the cork facings is almost guaranteed to happen quickly--to the point the clutch will not be able to engage because there is not enough piston travel to compress them and a rebuild becomes necessary. As long as fluid is not leaking past a worn area, then linkage is usually to blame.
The Studebaker Bulletin 340
https://www.packardinfo.com/xoops/html/downloads/SC/SB-340.pdf is probably the last published on the subject. While it shows the gauge tool being used, it also gives the dimension (2 3/4) to set center of throttle rod for use as the point to ensure all is in proper order to start the adjustments.
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