The sensor depending on what it costs would be wise to try, but I honestly think the front band might have went.

It's possible it wore out and the band anchor fell out and dropped into the pan leaving the band hanging in despair.

If the band isnt worn you can put it back in and adjust it, but usually that happening is a sign the band is gone.

If it is gone, the trans has to come out to replace it and you might as well rebuild the whole thing at that point since it has to come apart anyway. The front pump has to be removed to get to it.

If you decide to rebuild it, have someone here do it if you can.
You'll get a lot better deal and some of the trans shops out there are complete crooks.

I ended up swapping a 727 into my dakota because I hate the 46re.
Electronics are junk IMO.