I have a 1994 Camaro Z-28, LT-1, auto. 130k miles. No mods, 100% stock. It's a daily driver, today I lost 3rd completely, 3rd gear will free rev to red line, and 4th will free rev until about 3500 RPM, then it will kick in and move the car forward until you let off the gas pedal and the engine goes to idle while I coast along. I bought the car used with 100K miles so I don't think the trans has ever been rebuilt. Could this be the well known 3-4 clutch pack failure?
I don't drive the car hard. I don't track it or drag race it other than some spirited street light to street light fun on occasion.
One other symptom to mention, earlier in the day today, when I put it in reverse it would take a high rev to move and it acted like someone had their foot on the brake....as soon as I let off the gas the car stopped....but now its not doing that symptom any more in reverse.

Thanks.

 

The simple answer is YES. We have answered this too many time to go into details. Be happy your trans lasted 27 years!

Also, welcome to the forum.