Ford truck transmissions are tough, provided the pan is droppped and cleaned, filter replaced, and fluid changed (including torque converter*) every 60,000 miles. If not, clutch packs can go.
Dropping and cleaning the pan and magnet will tell you a lot about the condition of the transmission. I strongly recommend only using Mobil 1 or Amsoil synthetic ATF in these transmissions, which I have seen transform abused F-150 transmissions. I recently performed this procedure on a 1995 F-150 with 190,000 miles. Afterwards, the owner told me it was the first time he could actually sense the transmission up and downshifting. Now, he pulls John Deere tractors around on a trailer with it.
*Very important.
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