I have my '57 now running. It had sat for a few years with the cam down in it. I had the engine bored, new cam etc.
Have driven it a couple miles on my street. Something didn't seem right about the shifts. Seemed to stay in first a bit longer than should and stayed in second. Not enough straight street for me to get over 35 mph. So yesterday I ventured on to the highway for a test run. Not good. When it went to shift to 3rd it was like it went to neutral. Could give it gas and engine would just rev up. had to let it coast down till it would take 2nd again. I am hoping for a tip or somewhere to look. I was thinking the trans should have been ok or they couldn't have drove it enough to ware the cam out. Almost every lobe was down. Engine full of silver sludge.
Also what is the name of this trans? I thought Hydromatic but what I read said that is a 4 speed. It has R where L is on later shifters. Thanks to all in advance. Have gotten good advice here.
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Charlie Jones knows what trans you should have. Its a "dual coupling hydramatic".
Some 57 Olds had a "soft camshaft" problem.

 

The 57 had the Jetaway version of the hydra-matic that Olds went to in 1956. Some 56's had the original hydra- matic and some had the Jetaway which was easy to tell since it had a position for park. Here is a link that gives some pretty good info on the hydra-matic.

https://en.wikipedia.org/wiki/Hydramatic

 

Can anyone else here top this for having a major brain fart? I checked trans fluid when I put it and the fresh engine back in the car. It showed way over full so I thought it would be ok to start. Never checked again, until today. Was setting in my chair just looking at the car after a drive down the street and said to myself start with the basics dummy. Your missing something. They had to be driving it to trash the engine. Started it, hot idle, nothing on the stick. Put 4 qt. in it. Problem solved. Was ready to pull the trans. Glad I went to the basics.

 

The 1957 Oldsmobile Shop Manual calls it "Jetaway Hydra-Matic".



It has 4 forward speeds or ranges.

 

This all makes perfect sense .
In order for third to engage , a fluid coupling must fill . If you don't have enough fluid , it won't fill .
Don't you just love it when the solution to a problem can be so simple .

 

We have all probably done some of the same things in our lifetime. Good that you found it before you pulled the tranny.

 

I had my '56 Jetaway rebuilt a few years ago. You won't feel anything between first and second or between third and fourth. You'll only feel that fluid coupling between second and third, as Charlie Jones mentioned above.