I helped a friend do a partial rebuild on a 48RE yesterday. It had a touch over 300K on it and the 2nd gear band was smoked, no material on it at all. Surprisingly the clutch packs looked really good, we did not get into the overdrive unit. We just changed every seal we could, rebuilt the clutch packs, and replaced the 2nd gear band. Front clutch pack was .106 for clearance and the rear clutch pack was .27 both within the specs I found. I set the band up at 72 inch lbs and backed it off 3 turns.

He said it has a small flair when downshifting 3-2 but works great everywhere else. Would this be a band adjustment or just a side effect from doing a quick and dirty rebuild on a trans with 300K on it? haha.