Dr.Jass
Pastor of Muppets
The hub should center itself in the crankshaft, but it shouldn't be tight. It sounds to me like you don't have the converter seated all the way into the front pump. While installing the converter into the trans, you should be turning it until it clicks into place. Keep turning until it clicks in a second time. There are two sets of tangs it needs to engage. Once it's fully seated in the pump it should actually have to come forward a scosche to meet up with the flexplate. My suggestion is that you stop, pull the engine back out, and start over with seating the converter. If you try to pull the assembly together with the bolts, you will break something--most often the converter nose. There's no fixing that, you just junked the converter. The other option is to break the front pump, which you may or may not realize is an issue until the transmission is already smoked.
Also, since you're seemingly coming over from Chevyland, it's worth noting at this point: unless you have a full-manual, reverse-pattern valve body you absolutely, positively must have some kind of throttle-pressure (kickdown) linkage installed. That is the only way the hydraulic pressure in the transmission is regulated. If you don't have it, your line pressure will remain at idle-speed level and your transmission will burn up in less than 100 miles. If you haven't got anything arranged yet, Bouchillon Performance makes cable kits which save the hassle of monkeying with the "all or nothing" factory setups that aren't going to work easily with your engine. Adjust the linkage/cable so that at full throttle, the lever arm on the transmission is all the way at the end of its travel (toward the back of the car). Some guys just wire the lever all the way back for full line pressure all the time, but your upshift points will be commanded at full-throttle levels all the time. You'll never hit 3rd gear in town unless you've got stupid-deep gears (4.88 or numerically higher).
Another Mopar transmission foible: If you value your lower extremities (thinks like feet, legs, your trouser trout) don't ever, ever do a burnout in first gear. Use first only to get the tires spinning, then shift it into second immediately. Do a Google Image search for "torqueflite explosion" and you'll see what first-gear burnouts will accomplish for you. I don't know if you've run your engine on a dynamometer, but if you're running 500HP or more you really should have a bolt-in sprag. It's a lot cheaper than a power wheelchair.
Also, since you're seemingly coming over from Chevyland, it's worth noting at this point: unless you have a full-manual, reverse-pattern valve body you absolutely, positively must have some kind of throttle-pressure (kickdown) linkage installed. That is the only way the hydraulic pressure in the transmission is regulated. If you don't have it, your line pressure will remain at idle-speed level and your transmission will burn up in less than 100 miles. If you haven't got anything arranged yet, Bouchillon Performance makes cable kits which save the hassle of monkeying with the "all or nothing" factory setups that aren't going to work easily with your engine. Adjust the linkage/cable so that at full throttle, the lever arm on the transmission is all the way at the end of its travel (toward the back of the car). Some guys just wire the lever all the way back for full line pressure all the time, but your upshift points will be commanded at full-throttle levels all the time. You'll never hit 3rd gear in town unless you've got stupid-deep gears (4.88 or numerically higher).
Another Mopar transmission foible: If you value your lower extremities (thinks like feet, legs, your trouser trout) don't ever, ever do a burnout in first gear. Use first only to get the tires spinning, then shift it into second immediately. Do a Google Image search for "torqueflite explosion" and you'll see what first-gear burnouts will accomplish for you. I don't know if you've run your engine on a dynamometer, but if you're running 500HP or more you really should have a bolt-in sprag. It's a lot cheaper than a power wheelchair.