An accumulator is a sort of shock absorber for fluid pressure. It slows down application of clutches and bands and controls shift timing. They are used to take the harshness out of shifts. Shift timing being how long it takes to apply the clutch or whatever, not between different gears.
TV, governor, and valve body together control shift schedule.
Im not a 32RH guru, but if it doesnt seal well enough to even keep it in the bore its leaking. I would think that is bad because it will lower the pressure of the circuit it is in.
Yeah, my accumulator stayed in until I took it out, and the whole unit had been flipped upside down several times. I didn't know it wasn't held in by a snap ring, at least initially.
From the FSM, p 21-70
Code:
Operate the transmission in all gear ranges. Check
for slippage and shift variations. Note whether the
shifts are harsh, spongy, delayed, early, or if part
throttle downshifts are sensitive.
Watch closely for slippage or engine flare which
usually indicates clutch, band or overrunning clutch
problems. If the condition is advanced, an overhaul
may be necessary to restore normal operation
A flare into 3rd could be if that clutch pack is slow to apply, but my "expertise" is mainly around how to take it apart and put it back together, and less of "if it's doing X then you have Y problem." One day, perhaps....