I had a trans temperature gauge in my hotrod Buick and one day when I noticed it starting to slip the temp would go from the normal 150-160 up to 250+. Managed to nursemaid it home keeping the temp down and sent it off for a performance rebuild out of state. The rebuilder said I lucked out as with many of those he gets in have to have new hard parts due to heat damage. As for the fluid, if the color is brown is also probably smells burnt. Time for a rebuild but first drop the pan, check the filter to see if it's clogged. My car had a lockup converter which I usually locked up when racing. That cuts down the slippage which = more HP to the rear wheels but is not good for the converters lockup clutches. Once while driving in town the car was hesitant to shift so I dropped the pan and discovered that lockup clutch material had clogged the filter. (time for a new converter) Be careful of the o-ring when you remove the filter. It will sometimes come off the tube and stay inside the trans. Then when you install the new filter with o-ring, the filter won't seat properly b/c of that extra o-ring in there.