Pulled my tranny out tonight oil was burnt and almost black. Now the weird part the fluid in the cooler was red and not burnt. I had this thing rebuilt with a level 10 kit by a ford trans tech. It lasted a whole two months.
I would disconnect the cooler lines at the trans, and check them for free flow. The red fluid in the cooler and very dark fluid in the trans would indicate either a problem in the trans causing no flow, or a obstruction in the thans cooling system. Get if confirmed before you install another trans.
-----1993 Bird 5.0------
393 stroker, Vortech YSi, on E85
Lentech Strip Terminator & 4,000+ RPM stall converter
Detroit Locker with 3.55 gears.
17x9 Cobra Rs with 255/45/17 BFG KWDS
275/50/17 M&H DR on the rear