Murdoc,
Over the years I have seen alot of drive line problems that were initially diagnosed as transmission problems. I would check that out first.
As far as the vacuum modulator, if the vacuum line is disconnected or the modulator is leaking
the trans pressure will go to maximum creating a harsh engagement due to no vacuum signal from the engine. Usually when this condition exists
the transmission will "hunt" between low and high between 15 to 25 mph. The modulator works in
conjunction with the governor for shifting.
As far as a sprag clutch in a PG,there isn't one. Reverse is accomplished by a clutch pack at the rear of the transmission that stops the internal tooth gear in the planetary which reverses the rotation of the output shaft.
A couple of other things I have seen with the PG
are the priming valve in the front pump not moving freely,not stuck but moves slowly. The pressure regulator valve either sticking or the
dampening spring broke.
As far as the plastic thrust washers I don't believe they were used untill close to the end of production(1973).The only plastic that I know of is the vent cap and the speedometer driven gear. Later models used a plastic drive gear.
I agree with Hotrod Lincoln about the thin strips as being part of the piston seals. The strip you refer to is probably the lip part of the seal.By the way the direct clutch pack is the only clutch that uses lip type seals ,the reverse clutch uses a square cut seal.
I would guess the transmission is due for an overhaul if the above mentioned drive line and modulator problems don't fix it.
I am no expert on the PG by any means,but these are a few of the things I have run into over the years.

arnie