Cliff (1/12/2019)
I would try a service and adjustment, the sound you hear maybe a plugged filter.
Ironically that's what I was talking with my dad about just now. Was saying with how I felt it slip and the fact that the transmission manual states transmission band adjustment to be done every 15,000 miles seems to tell me I might be able to get away with just a simple adjustment if the band isn't smoked.
Last adjustment I have listed in my grandfather`s notepad that was in the ash tray indicates the bands were adjusted at 75,600 miles on August 2, 1963. No other listing up to 1980s with a transmission service mentioned.
As of now at 155,000 miles the transmission has gone almost 80,000 miles with no service. Considering this notepad has things like points, anti freeze change, rear axle oil change, and oil and filter changes I don't think he would have failed to write down when the transmission was serviced but yet write it down once though.
So I was telling my dad I think I am going to just simply take the car to the old timer and ask him what does he think. Give him the information I have and see if he thinks a simple band adjustment and service would be enough to keep it on the road or if he recommends a overhaul. I already had my eyes set on a overhaul but if a band adjustment is all it needs I hate to have the old guy pull the transmission out if it doesn't have to come out.
1956 Ford Fairlane Town Sedan - 292 Y8 - Ford-O-Matic - 155,000 mi