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sounds like u got the 700r4 blues of the junked out overdrive very common soo u will lose reverse and drive the cost here to pull rebuil and replace is 1000.00 bucks and as exspensive as 2000 bucks so it a toss up 700 r4 trannys from a junk yard now being winter is between 300-500 bucks and then labor to do the job hope it was a help but u have a common prob there good luck
there is a little button switch on the top of the clutch mounting bracket check it it is adjustable it may be off also the mounting plate for the clutch and brake pedal may be bent i have seen this in these trucks many times check it out for contact on the switch
If it was a modulator it would go into low but it would be screaming when it shifted into second and third. The modulator lets the trans shift without head jerking shifts and when unhooked the shift point is way up in the rpms before it shifts.Buicks are hard to beat when it comes to lasting. I do believe in my opinion i would replace the trans. Hope i helped a little God Bless you Greg