Trans problem, need advice

Thanks for all the replies, I thought hard about not calling it a slip, because it will drop into gear with a gentle rev. What made me think it's a slip is that when the idle is set up high it will roll forward when I let off the brake. Then when I give it gas it seems to be in neutral for a second, then grabs. But the reverse is almost not there (hot). Everything is great when it's cold.
I'm going to drop the pan, filter and tighten the low/reverse band.
I have an old Chiltons book and an inch pounds torque wrench. The procedure calls for 47-50 inch lbs. if an adaptor is used (before backing off 2 turns). I'm sure I will need an adaptor, anyone know what I'll need? Thanks again.