I have totally rebuilt a dozen or so toploaders over the last few years as well as some shifters. I assume your shifter is a top loader shifter. I might be able to help before you go start spending money. When you say it hangs, at what particular point does it hang ?
-After coming from reverse and then into first (or vice versa) ?
-From second to third ?
-Or is it when you go from any gear to another ?
Your problem could be your linkage bushings to the point your linkages are just sloppy as cindy says, but it could be your shifter. The opening in each shifter arm that the flat pin on the shifter shaft engages may be worn, if so, your better off with a new shifter. It can also be the arms on the
tranny. Give me a little more info and i'll tell you what to check before you spend money. I'm the type that I like to know specifically what the problem is and what i have to spend money on to correct it.