5 speed (722.6) or 7 speed?
It starts in 2nd, stays in 2nd, it's in limp home mode, locked in 2nd
for its own protection.
Sounds a lot like what happened to my 99 wagon in 2012 and my 97 W140 in
2015.
The wagon needed a conductor plate (have to take the pan off to replace
it).
The S420 just needed a connector (plugs into the side of the trans).
Both needed Star Diagnostics System to clear the transmission fault
codes after the fault was corrected.
Or you could just upgrade to something with green paint (I thought all
the whale tails were turbo?)
https://bringatrailer.com/listing/1975-porsche-911-carrera-15/
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