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Well, hate to be the bringer of bad news, but it sounds like the clutches may be burned and it needs rebuilt. I make a real good 4R100 (if you have the 4.6, you have a 4R70W, the 5.4 prolly has the 4R100) but I don't think you want or need one of my Monster Boxes, so I won't go on about it. I also do stock rebuilds with mild reliabilty upgrades for $1200, but the shipping and the R&R will be a bit more, I don't do installs.
I will do one for the $1200 though, which is a good price, it carries a 12 month unlimited milage warranty (replacement only)
Another option is to look on E-bay for a company called Phoenix Transmission, they do more than competent work and they have decent prices, again, the same deal on shipping and the install.
Hope this helps,
G
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