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What is the band strut hold-down fixture PU-308 and how is it attached? Does the lever come out with the control body? Why would the struts fall out? Please see attached image.

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The band struts on the 49-54 trans are not attached to the bands and are held in place by residual tension in the bands holding them against the adjusters and the levers.

If you remove the valve body with the trans still in the car the struts will fall out and be a royal pain to get back in place. Don't know what the real tool looks like but I have made little tabs of metal that attach to the pan bolt holes and hold the the levers up till the valve body is replaced.

I have the transmission out and upside down on supports. I took out one of the pistons and the lever is visible directly under the piston opening. I can depress the lever with my finger. If the lever doesn't come out with the control body I don't think the lever or the struts will go anywhere if I lift out the control body.