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Per the Hanes Repair Manual:
The front adjusting band is on the left side of the transmission. Loosen the adjusting screw locknut approximately 5 turns, then loosen the adjusting screw a few turns. Tighten the adjusting screw to 72 in-lbs then back it off 2 7/8 turn (for 46RE trans) or 1 7/8 turn (for 47RE trans). Then hold the adjusting screw from turning and tighten the locknut to 30 ft-lbs.
For the rear band, remove the pan. Loosen the adjusting screw locknut four turns. Tighten the adjusting screw to 72 in-lbs, then back it off 2 turns (for 46RE) or 3 turns (for 47RE). Then tighten the locknut to 25 ft-lbs.
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