57 thunderbird

OK, that means the freewheeling clutch works. Do you hear the relay and solenoid click when you get over about 28 to 30 mph?
 
To confirm the solenoid is functional attach a long jumper wire to the solenoid terminal on the relay with an alligator clip. Touch the other end of the jumper to the battery + post. You should hear the solenoid click underneath the car.

Here's a link to the official Borg Warner operator's/troubleshooting/repair manual. Ignore any reference to a reverse lockout switch, it was deleted early in 1951 in favor of a shift rod inside the transmission that locks out the OD when reverse gear is selected.

http://www.oldcarmanualproject.com/manuals/trans/Borg-Warner%20Overdrive/index.htm
 
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