Let me jump on my "do it yourself" soapbox (I keep that one at the very front of my soapbox colection).
It may be useful to understand that these transmissions are EXTREMELY basic automatic transmissions - dramatically less complicated than the simplest automotive tranny. Additionally, and what the tranny people don't want you to know is that rebuilding an automatic tranny is suprisingly easy. I still clearly remember the first automatic I rebuilt. After removing everything I actually looked into the case and said, "That's all there is?"
In those days the typical "fix your tranny" shop charged 350 bucks to overhaul it (which they didn't anyway). The
parts to do so cost 36 bucks for a normal rebuild. If you were doing a rebuild/conversion for competition use, the parts were 56 bucks. Sure the prices have gone up since then but the percentage of parts to total charge hasn't. Throw in the "It's a boat so we can shaft 'em" surcharge and there you are with a $16,000 price quote.
On the day I opened my first automatic, I realized that the tranny overhaul business was one of the biggest money-makers in the industry. Now, after rebuilding automatics in everything from US Army Tanks to Toyota's to 18 wheelers to John Deere Combines I can guarantee that if you have the slightest mechanical inclination, you can rebuild that M-20. However just as in an automotive rebuild, the hardest part is removing the tranny. The rest is easy. As Genesis pointed out the issue is weight.
There is no way in Heck (or even in that other much warmer place) I would actually pay someone to rebuild one of these. In the 53MY there are hatches in the salon directly above the engine rooms. The engine and/or tranny can be pulled straight up into the salon. You could do this easily with a sturdy A-frame and a come-along. Once it is in the salon two or three guys could remove it from the boat. Or - and this is what I would do - you could overhaul the trannys in the salon. Set up a workbench and there you go. This may sound like a lot of trouble but it would cost you the price of the parts and whatever interior disruption that's it. Obviously you would need the Allison manual and tools that you probably already have. Pay attention to clearances and torque settings and that's it!
Again, if you do mechanical work at all, you can overhaul one of these trannys. Don't be intimidated by their size. As I found many years ago - there aint much in there!
