My suggestion would be that you dont drop any more money into fixing it. If your going to keep the car buying an after market transmission would be money better spent than trying to keep an old one alive.
You dont have to spend a ton of money on a race unit, there are some that are affordable and are meant to be replacements of the stock units but with upgraded parts.
Think of this way, eventually if you keep spending money on rebuilding the old one, you could just saved most of that money to buy I new stronger one.
And whatever route you choose to take, do yourself a favor and get a
tranny cooler. Heat is one of the major factors that contributes to transmission failure.
The trannys in our cars are fairly weak and dont take well to abuse. My original one lost overdrive at about 55,000 miles. (exhibiting the same behaviors your mentioning.) I had it rebuilt by Ford and at about 80,000 it started doing the same things again. It was slipping out of over drive and hunting for gears at certain speeds. At that point I gave up on the Ford units and went with a Lentech. Its really meant for the strip (this particualr model.) but it works fine on the street. Its rated to take about 700-800hp. I bought it to take the abuse even though I have no plans to make that type of power. But this way I have plenty of room for added hp and I know it will take any abuse I may throw it it.
Here are some links you can check out.
www.lentechautomatics.com The street cruiser 4R70W from Lentech is your basic replacement for a stock unit. But with better internals.
www.levelten.com
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1995 Mustang GT 5.0
BBK CAI, Pro-M 75mm MAF, Pro-M Optimizer, BBK 70mm TB, GT-40 Intake, 24# Injectors, AFR 165's, 1.7 Roller rockers, Crane 2040 cam (E-303) BBK Equal Length headers, BBK O/R X-pipe, Flowmaster American Thunder 2 Chambers. FMS 3.73 Gears, Lentech AODE 2800 stall, BBK 255lph Fuel Pump, BBK Fuel Pressure Regulator. MSD 6AL, Steeda UDP's, FMS Aluminum drive shaft, Autologic chip Larocca tune.
'94 Tranny Question 
