question about the transmission

[TopStreet240]

i just got a 240 the other day for 700 bucks, im tearing apart the whole motor and rebuilding it top to bottom with a sick turbo setup in mind (dont ask what because im not sure what turbo i want to run). i was driving today and getting on it i took it up in first and then went to second and she lost all power, the revs went high and it didnt make anysense. Im not sure whats wrong (i do need a new throughout bearing could that be it??) it seems like fuel cut or something

Im just not sure

Thanks Jake