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The switch pitch TH400 is an incredible trans. When I was a kid (16-17) my second 442 was a 67 with an automatic. I drove it like I was trying to break it most of the time. I would leave a stop and let it just shift the car automatically then at about 15-20 mph would pull it to 1st and stand on it and that car would come unglued. I had put a 3:55 posi in it. that car was so much fun. I sure treated it crappy and it took it for a long time.
Don't confuse marketing hype with reality. The trans is a TH400, period. There are three (count 'em) gears. First is 2.48:1, Second (or Super, or L2, or whatever you want to call it) is 1.48:1, and third is 1.00:1. Yes, this is a switch-pitch, but that doesn't change the mechanical gear ratios, it only changes the stall speed (and thus torque multiplication) of the converter.
If you manually shift into "L", the trans will stay in first. If you manually shift into "S", the trans will downshift into second if you are currently in third. It will automatically shift between first and second depending on load and road speed.