Drove for the first time in 16 yrs

Well, that about sums it up. I did notice some transmission slip when it would shift into 3rd, but other than that it drove great. So heres my tech question, are there any internal seals that could degrade over the 16 yrs that could cause it to slip only when shifting into third? I did fill the tranny with fluid before I left for the drive and it showed full. Could it have transferred fluid back into the gears after driving and then not have enough fluid to shift into third gear. When I got home I had to start doing some other things and didn't even have time to check the level (sorry I know that I really need to know that to know if thats the problem). So can you guys think of any other things that could be wrong other than possible low fluid levels?

Thanks for you help
 
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YEA SOME DRY SEALS.
After that long seals will get dry and shrink, just because the trany is full dont mean that the seals are covered. add some trany shift improover, I like
LUCAS as it has the right stuff in it and it works. The Lucas Stuff will soften up the seals as the other crap on the market is just a type of thinner and dont do much.
 
Ok, got out and took the stang for another drive today. The tranny fluid was fine, maybe even a touch high. I was still have a problem with it slipping from 2nd to 3rd and even a couple of times from 1st to 2nd. I talked to the previous owner and he said that he never had any problems with the tranny. So now I think hit has something to do with some/all of the seals or some of the passageways are gum'd up with old fluid. I now recall that I had to take the downshift linkage off for part of the engine work I had to do to get the engine running again. I dont think I got it hooked back up in the same spot as it was before. I dont think that would cause and up shift problem but I know nothing about trannys at this point. Could that be the problem?

Thanks again for the help

Skye