Piston Slap: 4.9L Pride at What Cost?

TTAC Commentator Cameron Evans writes:

Dear Sajeev,

I am the proud owner of a 1992 F-150, 4×2, regular cab, long box, with power nothing and the Big Six. I love everything about the truck, except for the one concession to my wife, the E4OD gearbox.

Now that the tranny is shot (slip city, followed by violent shifts), I need your advice. The Ford has a lot of new, high quality parts (Michelin’s, o2 sensor, egr valve, coil, water pump, alternator, exhaust, etc), but it’s also rusty as hell from 19 Minnesota winters and the body is beat up from being a municipal truck.

Simple question, drop the cash on a rebuilt tranny or cut my losses?

Thanks in advance!

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