Torque Converter Problem???

[71 Project 250]

I know this isn't a 67-72 issue for me, but my '01 (165K mi) just started acting very funny. I was driving down the highway 50-60 mph and when I let off the gas, the truck lost 300 rpm and jerked really bad. When I picked up the gas, it regained those 300 rpm, jerked again, and began to pull right off. I did this 4-5 times, trying to see if it would do it again (it did, every time). I know the U-joints are good, I checked them last week. Any ideas, folks?

Again, I apologize for this not being in the year models of the site, but it is the only place I know of to ask. Thanks for the help.

[71 Project 250]

Forgot to mention, when it warmed up, it quit. And I've always flushed the converter at 30K miles like the manual says and just changed the filter at 150K rather than flushing the converter.

[fordman]

the converter is probably done or it needs another fluid change.