I have a 1994 5.2 4x4 with the a518. I was coming home the other day and instead of shifting it was as if I put it in neutral. Well got it home and pulled the dipstick. The fluid was dark but smelled kinda sweet. I dropped the pan and found a few flakes of metal, a few bigger pieces, and a couple pieces of what looks like a seal, o ring. My question is, since it got hot is it worth rebuilding or do I need to just buy a new transmission? I included a photo of what I found

 

You can rebuild it. It may need a hard part or two, but shouldn't be anything that can't be supplied by the numerous transmission parts outlets. Be sure to have the torque converter rebuilt as well. 1994 should have a 46RH transmission, which was available in the 2nd gen trucks from 1994-1995.

 

WOW! That is an understatement! That is the darkest trans fluid i have ever seen. It definitely needs a rebuild.