I bought a 94 F150 with 302 and the previous owner said it needed a TQ converter. Here are the symptoms he described.
"When I got the truck it needed a trans but came with one. The converter that was in the truck looked in better condition but I used the one the came with the replacement transmission thinking since the old one was bad maybe had shaving in it.
Got everything in the truck drove fine but when you put it in gear it would take a little second before it engaged but it was no big deal to me. Trans shift great but one day I came to a stop and it wouldn’t pull off
Drove the truck 8 months with no issues at all so that’s why I figure it was the converter because a transmission doesn’t just quit all in one time it would start slipping or something you could smell burnt fluid I didn’t have any of those problems.

Any help is greatly appreciated.