Yes, fluid seepage would cause the problem your having. Your going to need to clean that out of there, and possibly replace the connection to the bulkhead. But the seeping that you are referring to is one of the first things you check when your transmission gives you this kind of problem. So sayeth chevrolet.

 

Sorry for break in post but need the parts.
Left a pm?
Do you still have the bumper cover?
Emailed phone number.I leave for a week this sat. will be back the first.
As four trans?
I have the 94 formula stick and z06. Thinking about auto

mike