FWIW, my 1st 5.0 gave me the same symptoms. I took it for a first test drive and thought "wow, this car sucks. Every other 5.0 I've been in is way faster."
I bought it anywa, and drove w/ it like that until the fuel pump finally died. I put in a new one and BAM!
I was ****zitting my pants!!!!!
(To my standards now, it's not fast, but it was every bit as fast as a bone stock AOD could've been expected to be)
It was, by the way, a bone stock powered and geared AOD.
Think about it...