sounds like the same thing my thunderbird was doing before the tranny went out in it. when i would start to take off, it would be fine for a few feet, but as i was accelerating the tach would keep rising but the car wasn't going any faster. then a few seconds later it would shift into 2nd and act fine again. like yours, it would only do it in 1st gear. it did that for maybe a month before it finally kicked the can. $1500 for a rebuild
as for looking for anything i'm not sure. i figured my tranny was already toast when it was doing this.
good luck