So! I have a 1994 Ranger XLT 3.0 Automatic...

When engaging the Transmission into anything when its cold, even pulling up to a light or a stop sign, you have to rev it a few times before it engages. Will go away once in a while

I was thinking it is the Torque converter but, maybe it is the valve body. Fluid is full and bright red.

I want a 5speed manual in it. Probably about time to do it unless you guys think it would be something cheap to fix?