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weird sound from transmission I think

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Hello again guys, I have been running baby blue for a little over a month now thanks to you guys. I don't know exactly whats going on with my trucks transmission or whatever it is but I think its the tranny. The truck is a 1990 4x4 f250 7.3 diesel automatic with overdrive. over the past couple of weeks the truck has seemed to be slipping in first gear, it feels like it vibrates while im pulling off from a dead stop , every time but last night it started to make a sound like some kind of rubbing and it stops when the gear engages. both when placed in reverse and when placed in drive and sometimes it takes a few seconds before drive engages the gear. I was wondering if I should put something like lucas oil transmission fix or something like that, do you guys think this stuff works on slipping transmissions or is it just a waste of money??. I hope this problem isnt going to cost alot of money to fix because if it is then that means im going to have to get rid of my beloved truck as I have already blown all my savings getting it running buying transmission lines, break lines, fuel lines, fuel lift pump, alternator, new batteries, new starter, Im tapped out. anyone out there that might have any insight on this I would greatly appreciate it

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