FMX troubles

I have a 69 mach with a 351W and FMX . The issue is that off the line firm to hard acceleration sees the trans bog down and drop into second gear .If I back off and go again it sometimes will boot back into first and change perfectly . If I take off easier and build up some revs everything is fine .It will bog down if I manually hold it in first gear . Could it be the trans modulator or is there some adjustment I can make ??

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oneexozy
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