i just bought a 86 fiero with the 4-speed and checked the tranny fluid. i was suprised when i saw just how many metal shavings were floating around. they werent very big, just big enough to notice them but there was so much that i dipped my finger in it and it looked like i dipped my finger in sparkly paint. iv also noticed a loud whine when i floor it in second gear. would a drain and fill be all that i need or is more serious action needed?

No one will be able to tell you for sure since the shavings could come from any number of components. Generally it's not a good thing, but sometimes it's more serious than others. Take a magnet and see if the metal filings are attracted to it. If they are, then the metal is ferrous, which means it's either a bearing that's failing or one or more of the gears have worn through their case hardening layer and are shedding lots of material now as they wear much faster into the softer material below. If it's a bearing, then that's usually economical to repair, however if it's a gear the transmission is usually toast since the cost to repair is significantly higher than replacement of the transmission with another used one.

If the particles aren't magnetic, then they're either aluminum or bronze or some other alloy. Usually this means a syncronizer is close to the end of it's life or some component is rubbing against the inside of the case, of course the question here is why. Like I said, no one will be able to know for sure until someone splits the case open and looks for the source.

You have two choices really, either change the oil and drive it until it fails, at which time you'll need to buy a used one somewhere; or take it apart preventatively and fix it before it gets to the point where it is no longer salvagable. Either way you're probably looking at some serious time and money to remove the tranny and/or replace it.

My old 86GT had this same issue when I had the car, now sold 6 years ago.

The tranny shifted fine, but has this "shiny" particials in the oil.

BTW, a transmission is not a easy job if you don't have the right tools. I recommend to find another tranny that is good, or find a rebuilding shop in your area.
In most cases, a good known transmission shop is hard to find. Sorta takes a special touch. Everything has to be done to spec and very precise. Getting the proper "crush" on bearings and pre-loading are critical for a long lasting tranny. Syncros have to be replaced along with the bearings given with the rebuild kit.

Finding a good used tranny is alot easier, but change the clutch as a kit once your there since you have the transmissions dis-assembled.

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fierogt28

88 GT, Loaded, 5-speed.
88 GT, 5-speed. All original.

If the oil had never been drained before could even be left from then it was build in the factory.
I had a 71 Duster 4 speed transmission that had mill chips from when the case was bored still rusted in the top of the case. They didn't get rinsed out when the trans was assembled. In that case it didn't turn out well since over the years they would come loose and fall into the gears while driving chewing up bearing and gears.