Ford Repair Questions? Ask a Mechanic for Answers ASAP
My first suspicion is that the overdrive servo has a broken retainer clip. This is mounted under the valve body. I have had several that the clip breaks and then lodges in the valve body. I have even had some that the servo piston and/or spring is damaged. If this is all ok, then you most likely have a failed band. You will need to remove the pan, filter and main control valve body to inspect it.
Let me know if you need more information or assistance.
The best answer I can give you is most likely not. If it is a broken servo, then you will not do any more damage. If by some odd chance there was something broken that was grinding up more metal you may make some more metal shavings, but this is highly unlikely. I am sure you will be quite fine driving it to wherever you need to. Let me know if you need more help.