Hello welcome to just answer I'm Master Tech and will be able to assist you today.
does this happen when under light throttle
ok then this is a bad torque converter .
sorry about the delay I did not get a reply from the site that you answered.
this is a real common problem we have and this vibration is the torque convert that is slipping.
Is this a major problem or can I just ignore it. What is the solution to the problem and what is the approximate cost?
this is a major Job and the cost will be around 1700-2000 parts and labor.
the torque converter is 640.00 plus 10 hours of labor
Can I continue driving this vehicle without changing the converter?
yes but long term is the big question we have yet to see the long term results.
so will this make the transmission fail or just the converter failure.
we have had some customers drive these for over a year and seem to be working still.
I would recommend letting off the gas pedal when this does shudder and then get back on the gas after it stops.