Does reverse work ok?
THe hi clutch is common to both Drive and Reverse. If reverse will take throttle and not slip, then the hi clutch is Ok.
All forward gears also use the forward clutch, So if second gear does not slip during a Wot run, then the forward clutch is also good.
So that leaves wrong fluid level, the rear sprag,the pump, or the VB.
Low fluid you know how to check for, in Neutral, on level ground and oil warmed up.Too high a level is not good either, and will show up as foamy fluid.
The sprag you can check by mashing the gaspedal in Drive from a standing start. No slip means the sprag is holding.
That leaves the pump and the VB.uch guys
At this point it's time for an oil pressure test.Test the reverse pressure first, cuz in reverse the gauge will read maximum pump pressure, which IIRC is around 230psi.
I doubt its a VB issue.
There is one wildcard; if the governor weight retaining clip has slipped off, then the 1-2 shift will occur very very early, and I suppose if oil pressure was spewing out of that circuit, there might not be enough pressure/flo, to engage a direct clutch with a tired lip seal.