Oh Lordy, I now own a Fordy (a Lincoln actually)..

[John Brown]

Been a long time since I had a Ford with transmission problems, but when I had shifting problems like that it was because the aluminum valve body was worn and the valves that were supposed to move freely were hung up by a ridge of aluminum. I pulled the valve body, removed several of the valves and lightly scraped the openings in the valve body till the valves were able to move freely again. Of course your problem could be something completely different, but I'd ask someone familiar with those transmissions before going to all the work of pulling the complete transmission.