The 700 R-4 is noted as a major contributor in advancing transmission technology. Not only is it a true, overdrive transmission and not a hybrid, it also advanced shift point technology and made it much more reliable. No longer using a modulator valve, the 700 R-4 uses a throttle valve to balance the shift points against the speed of the vehicle. The throttle valve is directly linked to the transmission with a cable going from the throttle linkage to the transmission valve body and is completely adjustable.
Raise the hood of the car and remove the air cleaner. Locate the two cables that are attached to the carburetor or throttle body. One cable is the accelerator cable that is operated by your foot. The other cable looks completely different, with a black, plastic housing that a serrated slider fits into. This is the throttle valve cable.
Press the lock button down on top of the cable housing. Push the nose of the cable assembly (the smaller, square section) back as far as it will go into the main housing, Release the lock.
Operate the throttle to make the final adjustment. Pull the throttle lever as far open as it will go. This is called wide open throttle (WOT). This will pull the retracted adjuster back to the factory settings. Replace the air cleaner and test-drive the car to make sure the shift points are correct.
