I had the same question when I was reinstalling the transmission and broke the
sholdered bolt that holds the strap to the top portion of the tranny.
The mechanics at the local british auto repair said that the early TRs did not
have this strap at all and was put in because some of the trannys were cracking
at the top due to vibrations and constant pressure being put on by drivers who
would rest their hands on the gear shift knob while driving.
The mechanic told me that the straps were added for strength purposes and
probably isn't a big deal at all if it wasn't on there...but if I could have it
on there with a little extra work...then I might as well.
Take it or leave it.
Jonathan.
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