Geo,
1. If you unbolt it, does it have "play" against the spacers? It should have ~1/8" free play, which it sounds like you do.
2. Do you have pressure in the transmission? The last "click" is the pump if memory serves, if it wasn't seated, you'd have 0 pressure and honestly, I doubt it would have fit at all.
3. Something internal seems like the most likely to me at this point. Maybe they sent a converter with a lock up circuit in it and you have a non-lockup tranny and it's causing it to push fluid into the circuit and lock the clutch? Dunno, just making guesses, automatic transmissions are voodoo after all. LOL