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If it is slipping when you step on it expect to put in a new set of clutches. The torque converter transmits the power. The transmission takes the power to the rear end. I would expect your transmission is worn out.

In the old days before torque converters became clutches we could go up hills without slowing down greatly. We absolutely could step on the foot feed without slipping anything. Most of the time when you get slippage the transmission needs to be rebuilt. Maybe you will luck out and have the band adjustment allow you to drive the truck more without putting real money into the truck. When you drop the pan look for a build up of crap in the pan. That build up would be what your clutches used to have on them.

You can buy a set of clutches for under $200 online. You can also buy more expensive red clutches and be a lot closer to $500. If you do end up rebuilding the transmission be sure to replace the aluminum planetary gearset with a steel one. That is only around $100.
 
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