Most likely. If you take the truck to a trans shop, they are going to tell you to rebuild or they will want to disassemble to inspect the internal components. Either way I think you are going to have to do it to fix it. Depending on your budget and what a trans builder wants to fix it, you could find an AOD (4 spd auto) trans. Shop around before you decide. Call different shops for pricing and see what is out there. Jegs has some rebuilt AOD trannies listed on their web site.
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82 F150 LWB 306 cid
83 F150 306 cid
00 Taurus 3.0 OHV
82 Chevy p/u 305 cid
02 C1500 HD 6.0L (Sucks gas)
08 Corrolla S 30-35 mpg  | 
