2nd rebuild? Or 2nd used trans?
I did the separator plate and EPC blowoff fix on our 98 when its reverse died and forward was going out too, next thing I knew it would take forever to upshift, then it stopped shifting out of first gear. Reverse worked fine for a while, then it died again!
In the end, I swapped over to a manual trans. Cost about $1,700 in parts (new and junkyard) and labor, but except for clutch issues, it'll last forever!
The mechanic who replaced my trans specializes in transmissions, and he had a lot of bad stories about the 5R55E, he usually tells customers he might have to redo the repairs once or twice due to the valve body issues they tend to have, its hard to get it correct the first time around since the valve bodies wear out a lot and that isnt always evident the first time around, but it will show up with new bands and clutches lol. Even tapping around the valve body can jam something, leading to lost gears or other issues. Lots of Ranger and Explorer trannies have valve body issues, just by looking at the Sonnax site, they have like 30 kits JUST for valve body repairs.
I thought about rebuilding it myself too, but then again most rebuilds on this trans just dont last as long as the original. Ours got 215k the first time around, but the rebuild barely lasted 35k.
I would recommend getting a lower mileage trans or putting in a manual. If you do want to attempt to rebuild it, make sure you check all the internals closely, and buy an upgraded/refurbished valve body!!!! There are many on ebay, but dont buy a used one!