First time I did one there was a certain level of apprehension as well. But it's really not that bad. The worst part is trying to deal with the snap ring for the 1-2 accumulator piston retainer. If you have good snap ring pliers this won't be an issue. 2nd worst part is the mess from all the transmission fluid draining out as you try to get the pan off.
My parts list looks like this.
Here are the hole sizes and bits for mild settings, for pre-98 transmissions (to improve longevity and reduce wear - NOT to create tire-chirping shifts):
Hole 1 (intermediate clutch control): .160" (#20 bit)
Hole 2 (intermediate clutch feed - 1-2 shift speed): .081" (#46 bit)
Hole 3 (intermediate clutch exhaust - 2-1 shift): .180" (#15 bit)
Holes 4 and 5 (direct clutch feed - 2-3 shift speed): .081" (#46 bit)
Hole 6 (direct clutch exhaust - 3-2 shift speed): 1/8"
Hole 7 (reverse servo feed - manual 2-1 speed): 1/8" bit
Hole 8 (forward clutch/OD servo exhaust - 3-4 shift sag fix): .238" (B bit)
Hole 9 (forward clutch feed, power on - 4-3 shift speed): .081" (#46 bit) ** this hole does not exist on pre-96 valve bodies. You will need to add it, using the location of the hole in the gasket as your template.
Hole 10 (reverse engagement): .081" (#46 bit)
Hole 11 (forward clutch feed, power off - 4-3 shift speed): .081" (#46 bit)
Refer to Jerry's thesis for the hole locations:
Ford Overdrive Transmissions 101
Here's the list of parts you should be able to get from a Ford parts place:
F75Z-7F284-AA 1-2 Accumulator Upper Spring (you may not need this if yours isn't broken, but it's only a few bucks)
F4AZ-7F247-A 1-2 Accumulator Retainer Cover
F7AZ-7F251-AA 1-2 Accumulator Piston
F7AZ-7F284-BA 1-2 Accumulator Lower Spring (again, you may not need this one if yours isn't broken. It's about $40)
F7AZ-7H292-AB 2-3 Accumulator Piston
F6AZ-7A098-A Filter
XW7Z-7D100-AA Separator Plate Gasket
1L3Z-7C155-AA Separator Plate Gasket
Get the Dorman 265-813 deep sump pan with a drain plug instead of the Ford one without. Makes for faster/cleaner fluid drains later on. The gasket is re-usable but it's probably worth replacing it now anyway.
There is also this write-up article. I haven't cleaned it up yet, but it's still usable.
'94 - '97 4R70W Thunderbirds and Cougars By A-Train - Anthony Frusco Tools/Materials needed to perform the modifications: NEW SEPARATOR PLATE GASKETS (2 required) Inch-pound torque wrench 10mm Metric socket and 1/4" ratchet (extension preferred) Razor blade Brake cleaner spray...
www.tccoa.com