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velvet drive trans problem

Hi

I have twin 454 crusaders 1988 with straight drive velvet drive transmissions 2.57 to 1

underway running fine at 2800 rpms then heard a winding/grinding noise and stopped checked out what happened and no movement on the port trans, I can hear it when I put it in forward and reverse just like the noise you hear when shifting (like the starboard side)
is the trans shot or should I be checking something else, fliud is full and pink, if it was shot would I still hear it going into ???

want to remove the trans tomorrow anything I should be aware off ?

thanks to all​
 
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