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The governor rarely gives problems since it's just a centrifugal on-off switch. The usual electrical suspects are the relay, the kickdown switch, the solenoid or the wiring itself. All these are available new. With a new solenoid it's good practice to remove the upper cap and check adjustment of the pull-in coil contacts (the lower set of contacts). The pull-in coil must release the instant the armature extends. If it doesn't the contacts can be bent slightly or shimmed with small washers. This can be done by mounting the solenoid in a vice and extending the armature by hand while watching the contacts. A maladjusted solenoid won't last long with both coils hot.
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Overdrive is one of those old car things that is widely misunderstood. It's always amazing to me the number of people who don't understand how it works. Car show folks are especially bad. Many think the handle under the dash activates the overdrive when it does the opposite. It's a very simple system that was years ahead of it's time. Most problems are electrical in nature. Wiring trouble is the most common cause of failure. The greatest question always comes down to "Is my governor working?". When the car reaches approximately 28 MPH, the governor grounds the O/D solenoid kicking in the O/D. I use a long wire with a 12 volt light bulb near the end. I run one end to the governor wire and the other to a power source. I put the rear of the car on jack stands so the rear wheels don't touch. (be careful) As I go through the gears, I can see the light go on and off verifying the governor is working correctly. O/D was an extra cost option at the time. My Tbird also has the optional lower rear gears as well. It's a rocket down low. Cruises on the highway in third gear O/D around 2,000 RPM. You can drive it around town in second gear like an automatic. I've thought about changing my car to a five speed, but I think I'll leave it as built. It's a very cool system.

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Many thanks for that. Been reading it over.
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Awesome. Downloaded for the archives.
Lawrenceville, GA
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If you have an owners manual it tells you how to operate the O/D
54 Victoria 312; 48 Ford Conv 302, 56 Bird 312 Forever Ford Midland Park, NJ
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Good find! A lot of people pay big bucks for that.
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I found this manual for the bw od and thought it would be usefull. http://www.oldwillysforum.com/forum/TechData/BWOverdriveManual.pdf
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