What you describe are symptoms of low fluid level. I had the exact same problem with my 69 many, many years ago. Prior to the problem occurring as you described, I had swapped the original FMX automatic trans in my car for another FMX because I had lost second gear. About 6 months later I started having problems with the replacement transmission (the weather had gotten colder). When I initially did the work, I put a used 72 FMX trans in place of a 69 FMX trans. I used the original dipstick tube, the tranny was changed, but I am not sure if I used the original dipstick or the one from the 72. Nonetheless, I started having problems 6 months after that. I thought, well, used tranny #2 just gave up. So, I had the original trans rebuilt and reinstalled it with a new converter. The same problem recurred almost immediately. I took it to the place that rebuilt the trans and they told me the fluid level was too low. They added fluid (above the mark on the dipstick) and the problem permanently went away. To this day I think I used the original dipstick, but the tranny would not work without an extra quart of fluid. I put about 20,000 more miles on it with no problems.
I ultimately swapped to a 4 speed because I wanted to shift...