If I went through the trouble to pull this thing out and take the VB/Solenoids off of it, I would probably just make a weekend out of it and overhaul the whole thing. Pull the converter and drain it, pull the pump, rebuild the drums, and new front/rear main seals. $400 or less will get you a master overhaul kit including frictions, steels, intermediate bands, and gaskets. Just make a weekend out of it. One day to pull, teardown, and clean. The second day to reassemble, reinstall, and cuss at Ford for not putting a dipstick in it.
If you planned ahead you could also install some other known mods/fixes like the line pressure spring (another $5 sonnax part), TCC valve/plunger ($40 or so), and the Cold-Start/Pressure-Relief valve ($45).
So in theory you spend $1500 and end up with an essentially "new" transmission. Usually need a few specialty tools though. Most notably being a hyrdaulic press and some pipe to compress the drum preload springs, a parts cleaner with pump and brushes (used to have an old stainless restaurant sink that made an awesome one), and an air compressor. I also like to make good use of cheapo fishing tackle organizers for all the small parts. Put masking tape on the top and just write what/where the part in the compartment came from! It's indispensable for working with the jesus parts in a VB. Gallon size freezer bags are also good for keeping track of what parts came out of what drum too.
Ohh yeah, some pretty good mechanical inclination and/or knowledge is needed. If the thought of pulling a trans scares you then you DEFINITELY do not want to crack it open. A transmission can be a riddle wrapped in mystery shrouded by an enigma if you aren't careful and very detail oriented.