Just had my 48re rebuilt I put it in and it has park reverse is neutral, neutral is drive, drive is a forward gear, second is a forward gear and first is a forward gear and there is no reverse.. now my shifter linkage has a little play in it but I don't believe that is my problem.. could it be something simple or could it be something that wasn't put together correctly on the inside.. anyone have any ideas??

 

Sounds like something wasn't assembled right. I would check the linkage on the trans first before anything else

 

Isn't there an adjustment to a cable that pulls the indicator lever back and forth so it lands where it's supposed to??? If it goes in gear and functions even though it indicates wrong then I would think it is not in the transmission. I've seen this before in another vehicle, look for some adjustment.