You really need to use a scan tool and pressure gauges to check what is happening. The transmission is electrically controlled so you need to know if the problem is mechanical or electrical. Usually slipping will set a DTC and turn on the check engine light. The transmission will go to default speed and you have to shut the ignition off to reset the PCM to get it to shift again.
If it is not setting codes then it is not seeing a mismatch between input shaft speed and output shaft speed. That would tend to point to a converter problem rather than in the transmission. Have you changed the filter and is it full of oil. Towing the car on it's wheels requires adding oil to overfill it. Not lowering the lever may cause problems, too much oil may cause foaming.
You should be aware that there are different gear ratios between the single cam and the dual cam engines so if you were to change the transmission, you need to get one that matches the PCM or it will not shift.
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Today's Featured Article - Tractor Profile: Farmall M - by Staff. H so that mountable implements were interchaneable. The Farmall M was most popular with large-acreage row-crop farmers. It was powered by either a high-compression gas engine or a distillate version with lower compression. Options included the Lift-All hydraulic system, a belt pulley, PTO, rubber tires, starter, lights and a swinging drawbar. It could be ordered in the high-crop, wide-front or tricycle configurations. The high-crop version was called a Model MV.
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