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The hissing noise is probably coming from a vacuum leak - there are no rubber lines attached to the Hydramatic at all..You may have rot holes off your vacuum canister which to me seems common ( but i live in a rust belt state anyways ) Start off simple - is the transmission fluid up to the fill line?? I had a Hyramatic that was working fine until it busted a rubber transmission cooler hose... it wouldnt shift out of first at all due to the pressure lost, but you would notice that since the fluid would be peeing all over the exhaust pipe and there would be a cloud of smoke you can see from outer space. You could also have a defective front pump that you may be confusing for a hissing vacuum leak
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