Before you rebuild a transmission, I would offer a suggestion. The ultramatic in my 53 Cavalier would sometimes slip on low speed acceleration. I tried changing the fluid and cleaning the pan and valve bodies. I was also contemplating a rebuild but a mechanic/collector friend suggested that I try a transmission additive. He referred to such additives as "magic potions". His comment was that these don't always work but if they do, it can save you a lot of work and expense. I tried a transmission additive from the CD-2 brand. It worked like a champ. In fact, my ultramatic has never performed better. That was four years ago and I have never added any more but the tranny still performs as it should. Not saying that this will solve your particular problem but for about $7, what do you have to lose.

A 46 Deluxe Clipper in southern Colorado. Solid appearing car. Looks like a bargain at $2000.
cosprings.craigslist.org/cto/d/penrose-1 ... kard-deluxe-clipper/7779531310.html

1947 Clipper in New Mexico: Another odd paint job but not bad looking. Beautiful interior, the car looks very nice for $8000..
www.facebook.com/marketplace/item/1159054568741167/?ref=search&referral_code=null&referral_story_type=post

1926 333 touring for sale in the Denver area-I would call this color combination "Easter Parade"
www.facebook.com/marketplace/item/486197844195260/?ref=search&referral_code=null&referral_story_type=post

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The needle going all the way to full suggests to me that you may have a short in the sender wire. I would check this first as it is a lot easier than dropping the tank.

The correct engine for this car is the 359 ci with an aluminum head. They only made this engine for the big Packards (Patrician, Caribbean, Pacific, Convertible) and only in 1954. These engines can be found but are unique to this year. If you are going to make a driver out of it, a 327 is not a bad swap. The 327 is easy to find and bolts right in without any modification.

My reference to the windshield price is correct. By the time you add shipping, it will be well over $1500. The 51-54 convertibles had a special windshield different from the sedans.

They will eventually try to sell the cars but they had no idea what years/models they were or if they were worth anything.
I didn't want them to think that these models were worth thousands of dollars. You know how that conversation goes, the father justified owning these old cars by saying that they are rare and worth a fortune.
Here's another photo of "hidden cars".

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I am the contact for our local Packard club region. A man called me about two Packards and a bunch of parts that his late father had stored 30 years ago in an a old garage on their property in eastern Colorado. The building was falling apart and they asked me to come and take a look before they started to haul stuff away. Some of you know the type of phone call.
I drove an hour out on the prairie and found their place. The garage was certainly in poor shape but the holes in the roof let in lots of light so I didn't have to use a flashlight. I was greeted by two cars completely buried under parts and other junk. Check out the picture below, somewhere hidden in the picture are two sad Packards, a 53 Clipper and maybe a 54 Clipper. I told them that unfortunately these are not desirable cars especially in their current forlorn condition.
There were a couple of Packard engine blocks and two Ford flathead engines, some rear window glass, some rear ends, bumpers and other parts. And old tires...lots of old tires! Nothing that anyone is going to buy and pay to ship anywhere.
After an hour, I had about given up when he showed me a flat crate leaning in the corner. I cut the covering open and paydirt! The crate contained two brand new 356 heads! How these got in there with all the other junk, no one knows. Shipping a Packard head is going to cost plenty but where else are you going to find such a thing.
I told the man that he should try to uncover the cars (and get rid of the tires!) and I would come back and see if any other saleable parts might be hidden in there but at least the 356 heads won't end up in the scrap yard.

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It looks like all the pieces are there. The windshield appears to be intact-another $1500 item if it needs to be replaced.
My parts book shows colors of tops as black, tan, white and green. I don't think I have ever seen all these colors but if the top is good, go with it!
The cylinder head is wrong for this car. It should have the 359 aluminum head. Many of these were replaced with the 327 head, so it is not uncommon to see this. It looks like this one is not bolted down.
I think the Caribbean should have a flashier color so if it needs a repaint anyway, you can do whatever you want. It kind of depends on the interior color

If the interior is serviceable, then you are miles ahead. The Caribbean was all leather and leather interiors cost big $$. One other aspect of restoration work that has gotten very expensive is chrome and Packard wasn't bashful about using it. I had my bumpers (same as on the Caribbean) re-chromed by North Star plating several years ago. On their current price list having all 12 bumper pieces re-chromed is $5000.