Truck Details:
1995 F150 4x4 351 Auto Transmision 244k miles.

The problem is when you run wide open throttle the truck seems to be "slipping". The motor revs up, but the truck doesn't accelerate any faster. When I just kick it down a gear or so, the truck will downshift and take off fine. Only when I push the accelerator to the floor does it not respond correctly. I am going to check the transmission fluid today, but I wanted some ideas of what to expect. From what I have researched, I believe there is a possibility the torque converter is going bad. Note this too, when under normal acceleration, the truck shifts good, under WOT the truck shifts terribly.

Please list some ideas of areas I should check first.

 

When was the last time you changed the fluid? 244k is a lot of miles and it's possible it's just worn out and needs a rebuild. With a 351, you should have a E4OD, which is a pretty durable tranny.