New to trucks, E4OD probs
 

I received a 91 F250 in great condition, truck drove home fine, seemed to be slipping through low 1st and 2nd gear and 3rd was fine....well now it sits in the driveway. The **** knob doesn't line up correctly and is very loose, its a very slim chance I even find drive anymore and when I do I have to really get on it to move it but once its moving it stays moving until I stop again...then repeat slow take off. My first thought was well maybe its not fully engaging so I checked the linkage.. linkage feels firm at the firewall and everything seems fine there. I checked the fluid and the previous owner seems to have overfilled it by a great amount. So now I'm asking if its worth trying to drain it out? Could that cause/have caused tons of damage? Being unfamiliar with the E4OD I am suspecting a rebuild but hoping I don't have to go that route.. any help would be greatly appreciated. Thanks.

I would guess that if it is overfilled that much that the trans was slipping like it is now and the guy added a bottle of some type of additive to make it less noticeable long enough to sell the truck. You can try to drain some out but I think you would need a miracle for it to make a difference. Overfilling really does not make that much difference in your automatic trans. It will cause your seals to fail eventually. I have seen many new cars and trucks come right from the factory with the trans overfilled a full quart or more. I have no idea why you would think they would know how much fluid to put in it.