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Hey Oldduke,
I have heard of that 2nd gear bang too. If I remember correctly (not sure, been awhile.. :), it may be due a sludge, small particle type build-up typically due to a lack of changing the fluid.
If you search the Brickboard using "240 automatic transmission banging when shifting" or similar you should find something on that issue. Or try a new post.
Leaks are a more common problem than mechanical problems with AW-70/71 trannies. If taken care of, they are a very robust tranny that can go 300 or even 400k miles.
J
P.S. Also check the operation of the Overdrive. The Overdrive electronics (OD relay, wiring) can become problematic with age. No worries with these as they are cheap and easy repairs. Especially the OD relay - just swap in a new one!
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