Denny,
I went back and found a good post by Cal Metal. If you have a Lakewood bellhousing too, I believe this is our problem. They key is Reverse!
Looks like I'll be pulling my trans/bellhousing, getting a dial indicator and fixing the alignment problem with my bellhousing. Here is a link to the post. Well, at least I know what it is now, and I'll go through the headache to make it correct.
Check out the former post. I just used the other link to download the alignment procedure... See Ya.
http://www.clubcobra.com/t39949.html