No, Mr. Lemmywinks, No!!!
Join Date: Jun 2005
Location: Harriman, TN
How long was it run 2 quarts low on fluid? How often has the transmission fluid been changed?
The symptom you describe is typically worn clutches, but it's hard to say.
What does the fluid look like? Lots of black particles in the fluid, dark fluid, clean fluid...
The failure mechanism I've seen on my cars (at high mileage) is the driveshaft goes bad, kills the rear seal in the tailhousing, and then chronic low fluid kills the transmission, but YMMV.
The low fluid condition in my red car degenerated to where the last time I drove it, it was barely engaging in drive, but seemed ok once I was moving. The pan was full of metal shavings/pieces when I tore it down as a postmortem.
Odds are you will be replacing a transmission this year.
BTW, your 94 4.6 car is a 4R70W, not an aode.
Red '96 Cougar XR-7 240k mi. '02 4R70W, PST DS : '03 PI engine, 04 maf, 24lb injectors, 2.5" exhaust, '02 4r70w + Jmod, DirtyD0g TC + cooler + 3/8" lines, 255 walbro fp. Alpine system.
Black '96 Cougar XR-7 (Lazarus) 210k mi PI Intake, '02 4R70W, Jmod, PST DS, GrogTune, Konis, Mark LCA+Poly, racecougar Custom Engine Chain, and JL and racecougar Bracing.
Black '97 Tbird Limited Edition, '02 4R70W, 255 walbro, PST DS, PBR Brakes&SS lines, Toicko Blues & Springs, GrogTune.
"War Is Peace. Freedom Is Slavery. Ignorance Is Strength." - George Orwell.
Truth Isn't Truth. - Rudy Giuliani, 2018 Award winner, “Most Outrageous Diversion” by MSNBC for this quote