Ok, adjusted the TV cable so tight the throttle didn't quite open all the way. Checked the governor, nice and loose, plenty of lube. No change. I did have very firm shifts though. I would like to use this for towing but unless I downshift manually thats not possible. Any recommendations as to a shift kit and a source for governor weights and springs?
Ok back to square one so we don't kill your transmission. It may have low TV Pressure/Line Rise and, if so, it's going to slowly burn itself to death. Not that it's proof positive of anything, but your 700R4 should never be without a low speed 2-1 kickdown.
If you don't have it, it's wrong for sure and it's going to slowly self destruct the 700R4. If you do have it, double check the TV cable adjustment. Here's what's may be happening, It's actually very simple.
There's TV pressure, TV stands for Throttle Valve and it's tied to your throttle body, The throttle angle. It performs downshifts. (Important for this unit.)
There's also an opposing force called Governor Pressure. It's tied to Road Speed in simple explanation.
TV Pressure get's higher as you put your foot into it.. In this unit, it also raises line pressure, which is the pressure that holds your clutches tight and keeps them from slipping.
With TV Pressure, the harder you romp it, the higher the pressure gets. With Governor pressure, the faster you travel, the higher the pressure gets.
Governor pressure throws a series of shift valves, in order, (Pascal's principles) and provides up-shifts. TV Pressure acts on the opposite side of those valves and shifts you down or holds off upshifting.
The problem in the 4L60/700R4 is that TV Pressure is directly tied to line pressure. The only way the transmission can estimate engine load is via TV pressure, and the TV cable. Thus, if you get late or no downshifts.. You may very well have low line pressure as a result and your clutches slip, destroying your transmission over time.
TV Cable adjustment is critical. It's the number one killer of "rebuilt" 4L60/700R4 type transmissions.

Here is a link to the line pressure reading and how for you to test the line pressure.
http://www.tciauto.com/Products/TechInfo/line_pressure.asp#TH200700
http://www.tvmadeez.com/press_gauge/index.php