2x on getting it looked at ASAP. Sorry, cannot offer any useful info except to check whether the transmission fluid is burnt. Maybe Lucas transmission fix or lubegard might help.
I recently had a different transmission issue. Sounded like a steering pump/transmission/whine. Using a stethoscope, the noise seemed to be originating from some of the idler/tensioner pulleys for the serpentine belt. Since the motor had +100K miles and I had no records from PO, I figured probably time to change all of them, plus serpentine, and power steering pump (also making noise). That quieted things down a lot. Probably should have changed the water pump while I was in there. Next go round
But the whine was still there - but only when putting the transmission into forward or reverse. Didn't feel like a failing torque converter - no clunk or shudder and didn't go away when in O/D. No slipping in gears, engaging issues. Took it to the local AAMCO for an opinion. Our local one seems fairly reputable.
Turned out the bushing for the front pump (known issue) had separated enough from the front pump that the pump was grinding merrily away. We caught it early enough that we didn't wreck the transmission. But there were some shavings scattered about and since I'd paid the labor for removal - gave the go-ahead for a rebuild.
Now for the bad news:
All told, the rebuild plus new torque converter (usu. standard to replace) cost $2550 w/ a 1 year, 12K mile warranty! Most of that was labor. AAMCO wanted an additional $245 for a 3 year, 36K mile warranty. I opted for it since I hope to keep the beast for another 100K. Additionally, if the transmission takes a bath while we're on vacation, I can hopefully find a competent AAMCO to honor the warranty. This is not our daily driver but used more for longer trips, vacations, towing the boat, etc.
If I were to do it again, I might have opted for a remanned transmission. A different local transmission shop would have charged $2350 for an R&R including remanned transmission cost and also warrantied it for 3 years, unlimited mileage. Only bad thing is they are a mom and pop shop so I would have to pay towing to get it back to the shop. If I had more time, knowledge, and garage space (building soon), I might have tried to do the R&R myself - since I hate parting w/ $. A remanned transmission at RockAuto would have been ~ $1200-$1500...