Forgot to mention, if the converter is "pooched" as your buddy says, there in all likelyhood will be indications of metal in the oil. Check it out. If the oil is not nice and pink, then you've got some issues that need to be looked after ASAP. If your converter is coming apart, it will lead to some serious transmission problems down the road. If the converter is bad, it usually means that a bearing or bearings have failed, or the sprag(one way clutch)has failed inside the unit. These extra pieces cause additional internal damage to the converter which will eventually lead to a total failure.